News Update: Bank of America (NYSE: BAC) Looks to Turn Judge Rakoff into a Modern-Day Robin Hood
2/18/2010-When US district judge from Manhattan, Jed Rakoff, turned Bank of America's (NYSE:BAC) proposed settlement with the SEC down last year he became a modern day folk hero to investors. Now, Rakoff will get another chance on February 22, when he is due to rule on the SEC's latest deal proposal. The last rejection came when the SEC proposed BofA pay a $33 million fine for failing to disclose it had paid out $5.8 billion in bonuses for Merrill Lynch employees prior to a shareholder approval vote for its merger. This time around, the SEC is seeking damages of $150 million for the same violation, plus a few other allegations the commission added. However, like the last go round, the commission is saying it can't find a single person who should be found responsible for the entire violation. Shares of Bank of America are trading 1.8% higher to $15.94 despite the news.
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