Judge Rejects Settlement Over Merrill Bonuses

babsbunny

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Mon Sep-14-09 05:38 PM
Original message

Judge Rejects Settlement Over Merrill Bonuses

Judge Rejects Settlement Over Merrill Bonuses

http://www.nytimes.com/2009/09/15/business/15bank.html?_r=1&8au&emc=au

By LOUISE STORY
Published: September 14, 2009

A Federal District judge on Monday overturned a settlement between the Bank of America and the Securities and Exchange Commission over bonuses paid to Merrill Lynch executives just before the bank took over Merrill last year.

The judge said that Bank of America “materially lied” in shareholder communications about the bonuses.

The $33 million settlement “does not comport with the most elementary notions of justice and morality,” wrote Jed S. Rakoff, the judge assigned to the case in federal court in Lower Manhattan.

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elleng

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Mon Sep-14-09 05:42 PM
Response to Original message

1. NOTHING like a good judge!

Read the decision:

http://dealbook.blogs.nytimes.com/2009/09/14/judge-rejects-settlement-over-merrill-bonuses/#decision

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aquart

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Mon Sep-14-09 06:24 PM
Response to Reply #1

2. They threatened to go to court and he's MAKING them go to court.

I think I'm in love.

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elleng

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Mon Sep-14-09 06:26 PM
Response to Reply #2

3. Me too!

I have a legal matter in which I wish same would happen!

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