Tag:
Jed Rakoff
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Latest Headlines
So why did Bank of America fire its lawyer?
As you know, Judge Jed Rakoff wanted answers to specific questions about the Bank of America-Merrill Lynch ( BAC ) saga, which seems to never end. One big issue for the judge was why former general counsel Tim Mayopolous was fired toward the end of 2008. In some quarters, the view has been that
New SEC-Bank of America settlement to fly?
So what made the SEC think it could get a new and improved settlement through Judge Jed Rakoff? There are a host of upgrades. The corporate governance provisions are nice, as are the compensation guidelines, CEO and CEO certification requirements and all. In all there were seven remedial req
Ken Lewis charged
There was a lot of chatter when Ken Lewis stepped down as CEO of Bank of America ( BAC ) as to whether a potential enforcement was forcing the board's hand. It turns out that thought was right on the money.
Andrew Cuomo, New York Attorney General, has decided to bring a civil action against
Bank of America answers the bell
For a brief moment, the SEC and Bank of America were strange bedfellows in an attempt to persuade Judge Jed Rakoff that their $33 million shareholder-paid fine was a good way to settle charges that the bank issued a misleading proxy. The judge didn't buy it. The SEC has since said it intends to go
The end of the attorney-client defense?
The SEC says it is vigorously pursuing the case against Bank of America, now that Judge Jed Rakoff has rejected its $33 million settlement with the bank.
The issue, basically, is whether Bank of America sent a misleading proxy statement, which included a document that said no Merrill Lynch bon
A barn burner of a trial coming?
The SEC is going all in. Or is it?
The agency has announced that it will "vigorously" pursue its case against Bank of America, seeking to prove that management failed to disclose material information regarding the payment of billions in bonuses at Merrill Lynch. The announcement generated
Bank of America moves to reduce government ties
Would extricating itself from TARP and other government programs really be the magic bullet for Bank of America? If it can pay back its TARP borrowing, would the air suddenly be cleared? I don't think so. The fact is that the banking industry climate right now is not terribly hospitable, and there
Can the SEC win on Bank of America?
Unless it can convince judge Jed Rakoff to accept some sort of deal to settle the Bank of America bonus matter, the SEC really has no good options. Arthur Levitt tells Bloomberg that if the SEC pursues executives, it may face challenges after conceding in filings that it lacks evidence to do s
What will the SEC do?
Will the SEC appeal Judge Jed Rakoff's decision not to accept its $33 million settlement with Bank of America? Will it go to trial and risk more humiliation and the possibility of a "powerful regulators made us do it" defense? Will they drop the case altogether?
It would appear to be lose-lose
Judge rejects Bank of America settlement again
Judge Jed Rakoff has again rejected the SEC's $33 million settlement with Bank of America as wholly inadequate--to the applause of some . He has set a Feb.1 trial, directing both sides to begin preparing. What an odd trial it would be.
Both sides, of course, wanted to end the matter,
