Court Puts Brakes On $33M BofA Settlement With SEC

Law360, New York (August 6, 2009, 5:50 PM EDT) -- A federal judge has refused to rubber-stamp a $33 million settlement between the U.S. Securities and Exchange Commission and Bank of America Corp. in a suit over the Merrill Lynch & Co. takeover and the ensuing fiasco over executive bonuses.

A hearing on the proposed consent judgment must be held before it can be approved, Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York said in an order issued Wednesday.

The SEC announced a suit against — and a...
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