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.