On Monday, Judge Jed Rakoff issued his order rejecting the proposed $33 million settlement of the SEC case against Bank of America. The order raises numerous issues for the SEC such as whether it must now amend its case to include individual defendants, and whether it will now take the case to trial. The more interesting aspect of the order, however, goes well beyond the case itself, and cuts to the heart of the current securities litigation settlement process. Full details on this potentially game-changing decision are available in this post on my Enforcement Action blog over at Compliance Week.
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