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Bank of America allegedly shared non-public information with investors in India: WSJ Reports

08 Sep, 2024

Bank of America is facing allegations of insider trading in its Asian operations, as reported by The Wall Street Journal. An internal investigation has been initiated following a whistleblower complaint made in June, which claims that investment bankers shared non-public transaction details with investors via WhatsApp prior to a $200 million stake sale involving the Aditya Birla Group.

This alleged leak could have allowed investors to engage in "front-running." The complaint has also been forwarded to the Securities and Exchange Board of India (Sebi) and the head of investment banking for Bank of America in Asia.

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