MORE ON: Proposed Bank Of America/SEC Settlement

 

As previously noted, see http://www.financialfraudlaw.com/content/oh-independent-third-branch-judge-rakoff-declines-approve-bank-america-settlement-least-now and http://www.financialfraudlaw.com/content/after-being-charged-sec-failing-disclose-merrill-lynch-bonus-payments-bank-america-agrees-pa, the judge held a hearing on a proposed $33 million settlement of SEC charges that Bank of America had misled investors about billions of dollars in bonuses that were being paid to Merrill Lynch & Co. executives at the time of its acquisition of the firm.

 

And, once again, Judge Rakoff refused to approve the deal.

 

Instead, the judge asked for additional filings by August 24; a decision could come in early September.