Monday, August 10, 2009
A federal district court judge refused today to approve the settlement that the SEC and Bank of America had negotiated over the failure to disclose bonuses to Merrill Lynch executives in the proxy materials submitted to the bank's shareholders to approve the merger. He said he lacked sufficient information to find the settlement fair. Specifically, he asked who had made the decision not to disclose the promised bonuses. NYTimes, Judge Refuses to Approve Settlement Over Merrill Bonuses.