The Securities and Exchange Commission is left with few options as it weighs how to proceed in a lawsuit against Bank of America Corp. after a judge rejected a $33 million settlement.
On Monday, U.S. District Judge Jed Rakoff in New York refused to accept a settlement that would have resolved the SEC’s claim that the bank deceived investors in November about bonuses to be paid to executives at Merrill Lynch & Co., which the bank was buying. Rakoff said the accord appeared to be a “contrivance” between the SEC and Bank of America and wondered why bank executives or their lawyers weren’t sued.
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