NOT ON MY WATCH – Federal Judge Jed Rakoff wasn’t a big fan of the $33 million settlement agreement between Bank of America and the Securities and Exchange Commission.
The SEC alleges Bank of America lied to shareholders about executive bonuses (to the tune of $5.8 billion) just before a merger with Merrill Lynch.
Judge Rakoff threw it out, only after calling the $33 million “neither fair, nor reasonable, nor adequate.” He ordered the case to be ready for trial February 1st of next year.
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