Breaking News: Rakoff Rejects SEC/B of A Settlement
Federal District Court Judge Jed Rakoff has refused to approve the $33 million settlement between the Securities and Exchange Commission and Bank of America over bonuses B of A paid to Merrill Lynch executives after it acquired the brokerage firm last year.
Judge Rakoff ruled that the proposed settlement did “not comport with the most elementary notions of justice and morality.”
He rejected the idea that “the very management that is accused of having lied to its shareholders” should be able “to determine how much of those victims’ money should be used to make the case against the management go away.”
More to follow....
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