March 18, 2015 / 9:26 PM / 5 years ago

Bank of America must allow shareholder vote on breakup -SEC letter

WASHINGTON, March 18 (Reuters) - Bank of America must allow its shareholders to vote on a proposal that calls for the company to spin off its investment banking business, after U.S. regulators told the bank it cannot exclude the proposal from its corporate ballot.

The March 17 decision by the Securities and Exchange Commission, seen by Reuters Wednesday, marks a victory for Bartlett Naylor, a Bank of America shareholder who works for the non-profit Public Citizen. (Reporting by Sarah N. Lynch; Editing by David Gregorio)

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