January 13, 2010
The Deal Professor has some good commentary on the state of the SEC's case against BAC. The case is a mess. For some reason the SEC focused its initial efforts on the bonus issue when the real issue should have been the one relating to disclosure (or lack thereof) related to Merrill's mounting "extraordinary losses" between signing and the shareholder vote. Judge Rakoff tossed out a plea agreement in the summer and called it puzzling. Now, the SEC has gone back and tried unsuccessfully to amend its complaint to add the disclosure piece. While it can still pursue the disclosure claims, the SEC must now file a separate action.
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