SEC demands jury trial in BofA-Merrill bonus case

10/8/2009 | Bloomberg

The Securities and Exchange Commission on Wednesday filed a demand in federal court to have a case against Bank of America decided by a jury. BofA is accused of hiding information about losses at Merrill Lynch when it acquired the investment bank in January. Federal Judge Jed Rakoff threw out a proposed settlement between the SEC and the bank for $33 million, saying that the amount did not represent a fair settlement for shareholders. The SEC probably thinks it can get "a more favorable outcome with a jury," said Jacob Frenkel, a former SEC lawyer who is now in private practice.

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