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U.S. Securities and Exchange Commission

Banc of America Securities LLC

Latest Action:  On June 23, 2008, the SEC announced the distribution of the Banc of America Securities LLC Fair Fund.  Checks were mailed to all eligible claimants on Monday, June 23, 2008.  If any claimant disagrees with the amount received, then an appeals form must be requested from the Claims Administrator (1-800-760-5467) within 15 days (by Tuesday, July 8, 2008).

Background:  On March 14, 2007, the SEC instituted settled administrative proceedings against Banc of America Securities LLC.  The SEC alleged, among other things, that BAS failed to address conflicts of interest that compromised the independence and integrity of its analysts during the period 1999 to 2001.  These conflicts resulted in the publication of materially false and misleading research reports on Intel Corporation, TelCom Semiconductor, Inc., E-Stamp Corp. and, to a lesser extent, Amazon.com stocks.  As part of the settlement, BAS agreed to pay a total of $26 million in disgorgement and civil penalties, which was put into a Fair Fund to benefit customers of the firm who purchased stock in the affected companies during the relevant time period.

The SEC appointed Francis McGovern as the distribution fund administrator.  A distribution plan was prepared by Professor McGovern and posted for public review and comment on August 9, 2007.  There were no comments, and the plan was approved by the SEC on September 20, 2007.

On October 2, 2007 Claim Packets were mailed to those Banc of America Securities LLC customers who were identified from the records of BAS as potential fund recipients, informing them of the steps to take to file a claim for payment.  The deadline for filing claims was December 31, 2007.

Further Information:† To help you better understand the SEC's Banc of America Securities Settlement, answers to frequently asked questions are provided at the Distribution Fund Administratorís website.

If you can't find the answer to your question, or if you need assistance with filing a claim, please use the following contact information:


Phone toll free:




Write to:

SEC's BAS Settlement Claims Administrator
201 S. Lyndale Avenue, Suite S-3
P.O. Box 1884
Faribault, MN 55021-7139

For more information on the SECís action, you can also read the following case documents:


Modified: 06/24/2008