A federal judge has reluctantly approved a $150 million settlement between the Securities and Exchange Commission and Bank of America over civil charges accusing the bank of misleading shareholders when it acquired Merrill Lynch. U.S. District Court Judge Jed Rakoff approved the agreement after the two sides agreed to make changes in their original agreement. The judge said his approval depended on the parties formally ratifying the amended agreement. The dispute had been scheduled for trial when the settlement was reached. As you may recall, the judge had earlier rejected a $33 million settlement stemming from the early 2009 acquisition, calling it a breach of “justice and morality.” It’s interesting to note that the judge called the recent settlement “half-baked justice at best.”
Sources: Associated Press and USA Today
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.