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Browse: Home / 2010 / February / 22 / Rakoff Reluctantly Approves Bank of America’s $150 Million Settlement with SEC

Rakoff Reluctantly Approves Bank of America’s $150 Million Settlement with SEC

By Securities Docket on February 22, 2010, 9:35 pm

U.S. District Judge Jed Rakoff has, finally, approved Bank of America Corporation’s $150 million settlement with the SEC.

Rakoff called the settlement “better than nothing” and “half-baked justice at best” but nevertheless said the law required him to give “substantial deference” to the SEC in approving the accord, reports the LA Times.

Remarking that the $150 million fine is “modest”, Rakoff maintained that it “penalizes the shareholders for what was, in effect if not in intent, a fraud by management on the shareholders”.

In September last year, Rakoff rejected a proposed $33 million agreement between the SEC and BofA, criticizing the SEC for accepting a lenient penalty that failed to hold individuals to account.

Read the LA Times article

Posted in SEC | Tagged Settlements

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