$150M SEC, BofA Deal Over Merrill Merger Gets OK'd

Law360, New York (February 22, 2010, 1:34 PM EST) -- A federal judge on Monday “reluctantly” signed off on Bank of America Corp.'s $150 million settlement with the U.S. Securities and Exchange Commission over alleged misrepresentations made to shareholders in connection with the bank's takeover of Merrill Lynch & Co. Inc.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York — who had previously rejected a $33 million deal to resolve the same claims — approved the settlement between BofA and the SEC, but called the agreement “half-baked justice...
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