Judge Rejects Settlement Over Merrill Bonuses »
Posted By Progressive 3 months, 2 weeks ago in NewsPresident Obama isn’t the only one scolding banks on Monday: A Federal District judge overturned a settlement between the Bank of America and the SEC over the $3.6 billion in bonuses that Merrill Lynch paid its executives right before BofA took it over. The $33 million settlement “does not comport with the most elementary notions of justice and morality,” Judge Jed S. Rakoff wrote. The bank and the SEC have been directed to prepare for a trial that will begin no later than February 1. “It is quite something else for the very management that is accused of having lied to its shareholders to determine how much of those victims’ money should be used to make the case against the management go away,” Rakoff wrote.
Read Full Story at www10.nytimes.com »
81 Views Share Story 1 Comment Report
Submitted By:
Progressive
There are only two kinds of people who are really fascinating: people who know absolutely everything, and people who know absolutely nothing. -- Oscar Wilde
I ...
loading ...
Add a Comment
Sign In With Your Propeller Account
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.