New York Attorney General Andrew Cuomo isn’t making things easy for the Securities and Exchange Commission in its attempt to reach a settlement with Bank of America Corporation.
As we reported last week, Manhattan federal district court Judge Jed Rakoff asked Bank of America and the SEC to give him more information before he would decide whether to approve a $150 million settlement reached by the two parties. Rakoff was struck by the disparity between the SEC’s version of the events surrounding the bank’s acquisition of Merrill Lynch & Co., Inc. in 2008, as reflected in the settlement filings, and a more incriminating version laid out in a complaint filed by Cuomo this month.
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