$150 Million Settlement For SEC-Bank of America (BAC) Lawsuit
The Wall Street Journal reports that on Monday a federal judge approved a $150 million settlement between Bank of America Corp. (NYSE: BAC), and the U.S. Securities & Exchange Commission (SEC) in relation to the bank’s disclosures before its acquisition of Merrill Lynch & Co.
Last year. U.S. District Judge Jed S. Rakoff in Manhattan approved the settlement but called it “far from ideal”. An earlier settlement of $33 million was rejected by the judge in September 2009. The agreement resolves two separate lawsuits by the SEC over Bank of America’s disclosures before the $50 million merger completed on Jan.1, 2009.
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