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U.S. Judge OKs Settlement Over SEC Charges

Monday, 22 Feb 2010 10:46 AM

A federal judge has approved a $150 million settlement between the Securities and Exchange Commission and Bank of America over civil charges accusing the bank of misleading shareholders when it acquired Merrill Lynch.

U.S. District Court Judge Jed Rakoff said Monday he approved the pact after the two sides agreed to make changes in their original agreement. He said his approval depends on them formally ratifying the amended agreement by Thursday.

The dispute had been scheduled for trial next week.

The judge last year rejected a $33 million settlement stemming from the early 2009 acquisition, calling it a breach of "justice and morality."

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A federal judge has approved a $150 million settlement between the Securities and Exchange Commission and Bank of America over civil charges accusing the bank of misleading shareholders when it acquired Merrill Lynch.U.S. District Court Judge Jed Rakoff said Monday he...
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