While the U.S. Securities and Exchange Commission and Bank of America disagreed Wednesday over whether there was any wrongdoing in advance of BofA's takeover of Merrill Lynch, they also argued that New York federal Judge Jed S. Rakoff should approve the $33 million settlement over bonus pay to Merrill employees. Rakoff has held both sides' feet to the fire on the settlement because of unanswered questions over disclosure of the bonus plan and the role that attorneys for Bank of America might have played.
SEC, Bank of America Differ on Merger Wrongdoing, but Back Bonus Pay Pact
New York Law Journal
September 10, 2009