Sept. 8, 2003 — Bank of America (BAC) said it will make “appropriate restitution” to shareholders who were adversely impacted by late-day trading activities in its Nations Funds mutual-fund unit and reimburse management and advisory fees it received on funds that were subject to market-timing agreements.

These measures are part of a response to allegations made last week by New York Attorney General Elliott Spitzer about market timing and late-day trading activities by certain mutual fund companies.

Nations Funds will also hire an independent firm to evaluate whether there was any monetary impact to any funds in which the adviser to the fund permitted a discretionary market-timing agreement.