Perhaps the worst part about the quickie settlement between the SEC and Bank of America was that it meant we would never learn what really happened in those crucial weeks and months at the end of 2008. Now that a federal judge has rejected the settlement, things may get interesting.
From the AP:
A judge has balked at signing off on a $33 million proposed settlement between the Securities and Exchange Commission and Bank of America Corp. over bonuses.
Charlotte, N.C.-based Bank of America Corp. on Monday agreed to pay the penalty to settle government charges that it misled investors about Merrill Lynch’s plans to pay bonuses to its executives.
But the settlement is subject to court approval, and on Wednesday Judge Jed S. Rakoff declined his consent, pending results of a 4 p.m. EDT hearing Monday.
In a statement late Wednesday, Rakoff said the proposed settlement “would leave uncertain the truth of the very serious allegations made in the Complaint.”
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