BofA accused by whistleblower of sharing nonpublic information, WSJ reports
3:09 pm Thursday, September 05th, 2024
(Reuters) -A whistleblower complaint has alleged that Bank of America 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 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)
