New York Attorney General Andrew Cuomo is preparing charges against Bank of America executives alleging that they failed to provide sufficient information to investors when the bank acquired Merrill Lynch. And federal District Judge Jed Rakoff has rejected a $33 million settlement of Securities and Exchange Commission charges against the bank, thus sending that case to trial. Rakoff wrote the proposed payment would be a "trivial penalty for a false statement that materially infected a multi-billion-dollar merger."

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TIME magazine

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