BANK OF AMERICA IN $42MN SETTLEMENT- Bank Of America-Merrill Lynch misled some of their customers by informing them that billions of stock trades were being managed in house but they were actually being managed by outside firms. The bank has admitted to the fact that they have undisclosed agreements with Citadel Securities, Knight Capital, D.E. Shaw, Two Sigma Securities and Madoff Securities to handle the trades instead. The attorney general announced a $42mn settlement with Bank Of America over what they referred to as the masking strategy. This strategy was applied to 16 million client trade orders (4 billion traded shares) across a span of 5 years (2008 – 2013). #SpartanInternational