Eliot Spitzer, the New York State attorney general, is turning his attention to the accountability of boards of directors as his campaign to stamp out corruption in the mutual fund industry enters a new phase.

Following the record $675m (€550m) joint settlement reached by Spitzer's office and the Securities and Exchange Commission with Bank of America and FleetBoston this week, directors are increasingly likely to face stiff penalties should they fall foul of regulators.