Judge Bashes $33M SEC Deal Over Merrill Bonuses

Law360, New York (September 14, 2009, 2:20 PM EDT) -- A federal judge has rejected a $33 million settlement between the U.S. Securities and Exchange Commission and Bank of America Corp. in a suit accusing the bank of materially lying to shareholders about bonuses authorized for Merrill Lynch & Co. Inc. executives as part of the companies' merger.

Judge Jed S. Rakoff of the U.S. District Court for the Southern District of New York on Monday said the deal was not fair, reasonable or adequate.

"The parties’ submissions, when carefully read, leave the distinct impression that...
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