Here’s one thing the SEC and Bank of America have in common: fear of Jed Rakoff.
Rakoff is the New York district court judge who refused to approve their tiny, $33 million settlement over the bank’s problematic purchase of Merrill Lynch, calling it “trivial.”
Perhaps because of it, the SEC asked for a trial by jury yesterday. As the New York Post reports, that favours regulators.
NYP: One observer called the SEC’s decision to call for a jury trial “brilliant,” noting that a “jury will be so more favourably inclined toward the SEC than the bank and [BofA CEO] Ken Lewis.”
Indeed, given the public’s frustration with massive bonuses on Wall Street and the sentiment that banks have benefited nicely from bailouts while consumers continue to struggle during the recession could make a jury less forgiving toward BofA.
Here’s the very simple filing.
Image: thedartmouth.com (Elisabeth Ericson, The Dartmouth Staff)
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