Three Bank of America whistleblowers who tipped off US authorities about misconduct at its broker-dealer arm Merrill Lynch are to share a record $83m in awards, according to the law firm that represents them. *
Information provided by the trio led the Securities and Exchange Commission to extract $415m from Merrill almost two years ago over the group’s failure to separate client money from its own, putting customer assets at risk.
The SEC said on Monday it had awarded nearly $50m to two individuals and $33m to a third. The regulator did not disclose their identities nor the information they provided.
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