When I first heard the news last week that the U.S. Department of Treasury and other federal agencies had imposed penalties and settlements against Bank of America totaling more than $1.2 billion for anti-money laundering and trade sanctions violations, I told colleagues that we would not have to wait long for a follow-on D&O lawsuit. Sure enough, just days after the Treasury Department announcement, a plaintiff shareholder filed a securities class action lawsuit against the Bank and certain of its executives based on the defendants’ alleged misrepresentations concerning the bank’s compliance and internal controls. This type of lawsuit following in the wake of regulatory enforcement actions raises important and interesting issues, as discussed further below.