New SEC-Bank of America settlement proposal faulted
February 8th, 2010
| Tags: business, corporate information
Los Angeles Times
Reporting from New York - A federal judge who rejected the government’s first bid to settle civil charges against Bank of America Corp. showed little enthusiasm Monday for a new proposed settlement.
U.S. District Judge Jed Rakoff sharply questioned the merits of the latest proposal, which calls for the company to pay $150 million to resolve allegations that it lied to shareholders at the height of the financial crisis about its pending acquisition of brokerage Merrill Lynch.
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