Corporate & Securities Law

Rakoff, part deux

Judge Jed Rakoff just approved a settlement between the SEC and Bank of America in a dispute about the disclosures made to shareholders during Bank of America’s acquisition of Merrill Lynch. This is significant becasue Rakoff causes a minor kerfuffle last year when he rejected a similar deal (although for only $33 million in fines compared with the $150 million agreed to today). In approving the settlement, Rakoff called it “half-baked justice,” among other things. For my take on the earlier decision to reject the settlement, see this essay published in the excellent periodical, Wall Street Lawyer. (It is reprinted at the link with their permission.)

Full post as published by Truth on the Market on February 23, 2010 (boomark / email).