Southern District of New York Judge Jed S. Rakoff on Monday rejected the proposed $33 million settlement between the Securities and Exchange Commission and Bank of America stemming from the bank’s takeover of Merrill Lynch & Co.
The SEC had gone after Bank of America for an allegedly false proxy statement because it failed to disclose that the bank had agreed to allow Merrill to pay up to $5.8 billion in employee bonuses in advance of Bank of America’s $50 billion December 2008 takeover of Merrill Lynch.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]