New York federal Judge Jed S. Rakoff took strong exception Monday to a proposed settlement in which Bank of America would pay a $33 million fine to the Securities and Exchange Commission for not disclosing that Merrill Lynch was authorized to pay more than $5 billion in discretionary bonuses before the two entities merged in 2008. During a hearing in a packed courtroom, Rakoff told attorneys for the SEC and Bank of America that he had "serious misgivings" about a settlement that "lacked in transparency."
Federal Judge Seeks Further Briefing in Bank of America Bonus Case
New York Law Journal
August 11, 2009