Judge Rejects SEC, BofA Settlement Over Merrill Takeover
Southern District of New York Judge Jed S. Rakoff on
Monday rejected the proposed $33 million settlement
between the Securities and Exchange Commission and
Bank of America stemming from the bank's takeover of
Merrill Lynch & Co.
"...the proposed Consent Judgment was a contrivance designed to provide the SEC with the façade of enforcement..."
Rakoff said the consent judgment "is neither fair, nor reasonable, nor adequate."
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