<P> While ultimately deferring to the SEC, in February 2010, Judge Rakoff approved a revised settlement with a $150 million fine "reluctantly", calling the accord "half - baked justice at best" and "inadequate and misguided". Addressing one of the concerns he raised in September, the fine will be "distributed only to Bank of America shareholders harmed by the non-disclosures, or' legacy shareholders', an improvement on the prior $33 million while still "paltry", according to the judge . Case: SEC v. Bank of America Corp., 09 - cv - 06829, United States District Court for the Southern District of New York . </P> <P> Investigations also were held on this issue in the United States House Committee on Oversight and Government Reform, under chairman Edolphus Towns (D - NY) and in its investigative Domestic Policy Subcommittee under Kucinich . </P> <P> In 2010, the bank was accused by the U.S. government of defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales . As a result, the bank agreed to pay $137.7 million, including $25 million to the Internal Revenue service and $4.5 million to state attorney general, to the affected organizations to settle the allegations . </P> <P> Former bank official Douglas Campbell pleaded guilty to antitrust, conspiracy and wire fraud charges . As of January 2011, other bankers and brokers are under indictment or investigation . </P>

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