Judge Defers on BofA-SEC Ruling :"I need to know more"

Discussion in 'Wall St. News' started by ASusilovic, Aug 10, 2009.

  1. NEW YORK -- A federal judge delayed a decision on whether to approve a $33 million settlement of allegations that Bank of America Corp. failed to disclose to investors that Merrill Lynch & Co. agreed to pay billions of dollars in bonuses on the eve of their merger.

    At a hearing Monday, U.S. District Judge Jed S. Rakoff in New York questioned lawyers from the Securities and Exchange Commission and Bank of America for more than 90 minutes about the pact, in which the Charlotte, N.C., bank didn't admit or deny wrongdoing.

    The judge said he had "continued misgivings" about the settlement and wants more information about who was responsible for the alleged wrongdoing, the basis for the settlement itself and whether an evidentiary hearing should be held to weigh the facts of the case.

    "I need to know more before I can approve the settlement," the judge said.

    Lawyers for the bank and the SEC will simulatenously file papers in response to the judge's request by Aug. 24 and then have a chance to file response papers by Sept. 9.


    I would prefer 33 million USD x 1000...
  2. He need to tread carefully or some accident could occur or medical condition. Big bankers have more money and can afford to snuff out the troublemakers.
  3. Time for big judges.
  4. We need a helluva lot more judges like this.

    I hope he bitch slaps BofA and Merrill so hard it forces both the retract every last dime of bonus money, period.

    That's THE LEAST that should be done to these common, filthy criminals, operating under the wink-wink, nudge-nudge permissiveness of Paulson/Geithner and their hacks.


    Seems like another judge deciding to make his own law,both parties agreed to it and HE does not ,so looking for an excuse to change it for what ever reason. I didn't hear any one ask for his personal thoughts on it just approve what they wanted.