Getting your player ready...
NEW YORK — A federal judge said Monday he would reluctantly approve an amended $150 million settlement between the Securities and Exchange Commission and Bank of America to end civil charges accusing the bank of misleading shareholders when it acquired Merrill Lynch.
But U.S. District Judge Jed Rakoff called the pact “half- baked justice at best.” A trial was set for next week.
The judge rejected a $33 million deal last year stemming from the 2009 acquisition.
The SEC accused Bank of America of not telling shareholders before voting on the Merrill deal that it had authorized Merrill to pay up to $5.8 billion in bonuses in 2008.
