Wednesday, August 26, 2009

USDJ Rakoff Rejects SEC-BofA Settlement.

The Securities Law Blog: "USDJ Rakoff Rejects SEC-BofA Settlement" by Mark J. Astarita, Esq. on Wednesday, August 26, 2009.

An excerpt of his post:
Judge Rakoff wants the explanation behind why a Bank of America proxy statement last November misled investors about bonuses for employees at Merrill Lynch, which was about to be acquired by the bank. On Tuesday, he stated another desire: to get the SEC to better explain why had agreed to a settlement without pressing the bank’s executives harder.

...starting to suggest an apparent willingness on the part of the Commission to let a big player off the hook....
Read the entire blog post here. It also has excellent links to articles about the history of this SEC case.

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