Judge rejects Bank of America settlement again, to applause…
Judge rejects Bank of America settlement again
Judge Jed Rakoff has again rejected the SEC’s $33 million settlement with Bank of America as wholly inadequate–to the applause of some. He has set a Feb.1 trial, directing both sides to begin preparing. What an odd trial it would be.
Both sides, of course, wanted to end the matter, but the judge just wasn’t buying the whole premise of it. He suggests that it was a mere “contrivance” allowing both sides to win in the PR battles. The SEC gets to chalk up a much-needed victory. Bank of America gets to gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth, says Reuters. By Jim Kim at FierceFinance.com