Judge refuses to approve settlement between BofA, SEC

08/6/2009 | Reuters

District Judge Jed Rakoff said it might be unfair to the public to accept a proposed settlement between the Securities and Exchange Commission and Bank of America. The $33 million settlement is related to the bank's acquisition of Merrill Lynch. "Despite the public importance of this case, the proposed consent judgment would leave uncertain the truth of the very serious allegations made in the complaint," Rakoff wrote, adding, "The proposed consent judgment in no way specifies the basis for the $33 million figure." Rakoff scheduled a hearing Monday on the subject.

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