Bank of America is trying to convince a district judge that a $33 million fine administered by the SEC in response to faulty disclosures relating to the bank’s acquisition of Merrill Lynch is an appropriate penalty, according to Bloomberg. The SEC, which penalized BofA earlier this month in a settlement that would keep the bank out of a prolonged legal battle, suggested the penalty, but the fine must first be approved of by Judge Jed Rakoff. Rakoff has claimed that the conflict between regulators and BofA lacks “transparency,” and that there were still questions about the bank’s conduct in the weeks leading up to its purchase of Merrill. Rakoff claims that he won’t approve any settlement prior to September 9.
BofA Says $33M Fine is Appropriate
A $33M fine for BofA from the Securities and Exchange Commission may not be ample, according to the judge presiding over the case.
August 24, 2009