Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

A Member of the Law Professor Blogs Network

Thursday, August 6, 2009

Federal Judge Calls for Hearing on SEC-BofA Settlement

Earlier this week the SEC announced a settlement with Bank of America over allegations that the bank misled its shareholders by not disclosing promised Merrill Lynch bonuses when it solicited their proxies for the merger, but a federal judge in S.D.N.Y. has called a hearing for August 10 before he will decide whether to approve the settlement.  Judge Rakoff cited the public importance of the case and said unless a hearing is held the public will remain uncertain about the truth of the allegations.  He specifically questioned the basis for the $33 million penalty and whether it will be paid with bailout money.   WSJ, Judge Calls Hearing in SEC Case Against BofA.   

http://lawprofessors.typepad.com/securities/2009/08/federal-judge-calls-for-hearing-on-secbofa-settlement.html

SEC Action | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef0120a4cf8940970b

Listed below are links to weblogs that reference Federal Judge Calls for Hearing on SEC-BofA Settlement:

Comments

Post a comment