Bank of America Whistleblower Complaint

(Reuters) – A whistleblower complaint has alleged that Bank of America shared nonpublic information with some investors before selling approximately $200 million worth of stock for clients in India, as reported by the Wall Street Journal on Thursday.

A Bank of America spokesperson stated that the bank found no evidence to support these claims.
“We take complaints seriously and thoroughly investigate them,” the spokesperson said.
“In instances where we conclude there has been inappropriate behavior, we take disciplinary action.”

The whistleblower’s complaint was filed in June, according to the report.

Sharing nonpublic information before an announcement can allow certain investors to profit from expected price moves. This practice is illegal in India and several other markets.