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BofA accused by whistleblower of sharing nonpublic information, WSJ reports
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BofA accused by whistleblower of sharing nonpublic information, WSJ reports
Sep 6, 2024 1:15 PM

Sept 5 (Reuters) - A whistleblower complaint has alleged

that Bank of America ( BAC ) shared nonpublic information with

some investors before it sold roughly $200 million worth of

stock for some clients in India, the Wall Street Journal

reported on Thursday.

A Bank of America ( BAC ) spokesperson told Reuters it had 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 ahead of an announcement can

allow some investors to profit from expected price moves. The

practice is illegal in India and several other markets.

(Reporting by Niket Nishant in Bengaluru and Lananh Nguyen in

New York; Editing by Tasim Zahid and Shinjini Ganguli)

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