Calling it “half-baked justice,” a reluctant Judge Jed Rakoff Monday accepted the $150 million consent judgment over Bank of America Corp.’s alleged faulty and failed disclosures during its merger with Merrill Lynch & Co., Inc.
Rakoff said the punitive and remedial measures that the Securities and Exchange Commission imposed were too “modest.” He called the civil penalty “paltry.” While better than nothing, his 15-page opinion stated, “This is half-baked justice at best.”
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