Court Seeks Details On $33M SEC, BofA Bonus Deal

Law360, New York (August 11, 2009, 7:00 PM EDT) -- In a rare move, the federal judge overseeing a proposed $33 million settlement between the U.S. Securities and Exchange Commission and Bank of America Corp. in a suit over executive bonuses has said he needs more information before he can put the deal to bed.

Calling the SEC's complaint “bare bones” and “fairly uninformative,” U.S. District Judge Jed S. Rakoff of the Southern District of New York on Monday ordered both sides to provide the court with additional details by Aug. 24.

The SEC announced its...
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