Bank of America, SEC settlement rejected by judge Rakoff

Discussion in 'Wall St. News' started by ASusilovic, Sep 14, 2009.

  1. SAN FRANCISCO (MarketWatch) -- A federal judge rejected a proposed settlement between Bank of America Corp.and the Securities and Exchange Commission over bonuses paid to Merrill Lynch executives, according to media reports Monday. Federal district Judge Jed Rakoff rejected the $33 million deal to settle allegations that Bank of America did not tell investors about an agreement to pay Merrill executives billions of dollars in bonuses before the bank bought the troubled investment firm, according to reports.