Here’s the key question today: Are $117 million and some oversight provisions enough to placate Judge Jed Rakoff?
Rakoff ferociously rejected a proposed settlement agreement in September under which Bank of America Corporation would have paid $33 million fines to settle a Securities and Exchange Commission lawsuit charging the bank with failing to notify shareholders that Merrill Lynch & Co., Inc., which Bank of America purchased under pressure in late 2008, was going to pay as much as $5.8 billion in employee bonuses in early 2009.
