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3. JANUARY 12, 2010 - BacMerSaga Gets Bigger: SEC Sues BofA Over Merrill Losses
By Amir Efrati
When the Securities and Exchange Commission’s David Rosenfeld, an enforcement lawyer, launched what wehere at the blog callBacMerSaga— the government litigation over Bank of America’s 2008 merger with MerrillLynch — we were left scratching our heads.That’s because in August of last year Rosenfeld and the SEC accused Bank of America of failing to disclose toshareholders the billions of dollars in bonuses that would be paid to Merrill employees just before the deal’scompletion. But what about the fact that investors weren’t notified about the billions of dollars in losses thatwere mounting at Merrill before the deal closed?
4. FEBRUARY 4, 2010 - But Will Judge Rakoff Approve This BofA/SEC Deal?
By Ashby Jones
The question posed in our headline has to be at the forefront of the minds of folks at the SEC as well asexecutives and lawyers at Bank of America.On its face, the settlement certainly looks “better.” The earlier settlement that hit the Rakoff Roadblock providedfor a $33 million payment made by BofA to the SEC. This one provides for a much stiffer fine — some $150million. The thinking might go like this: Rakoff was angry at BofA, and the earlier settlement didn’t do enoughto punish the bank. This is a stiffer penalty, so Rakoff might be happier.
5. FEBRUARY 4, 2010 - Evening Reading: Is the SEC Betting Judge Rakoff Is Getting Senile?
By Stephen Grocer
Will Judge Rakoff Approve This BofA/SEC Deal?
That’sthe question our Deal Journal Colleague AshbyJones poses over at Law Blog. After all Rakoff rejected the previous BofA-SEC deal. Well, Looks like the dealcould be in trouble. As one expert tells Law Blog: “Either I’m hopelessly ignorant, or this doesn’t addressRakoff’s concerns at all. Maybe they think Rakoff is getting senile in his old age. But I wouldn’t count on that.”
6. FEBRUARY 9, 2010 - Rakoff Has Questions on BofA-SEC Pact
BY CHAD BRAY
The judge who threw out a settlement between Bank of America Corp. and the Securities and ExchangeCommission raised questions Monday about their new deal to end two federal lawsuits alleging the bank misledinvestors about its takeover of Merrill Lynch & Co.At a court hearing in New York, U.S. District Judge Jed S. Rakoff asked an SEC lawyer why the agency didn'tconclude that Bank of America fired its general counsel, Timothy Mayopoulos, because he was seeking todisclose widening losses at Merrill in December 2008. Last week, New York Attorney General Andrew Cuomosaid in a separate ...
7. FEBRUARY 12, 2010 - Judge Rakoff
Orders SEC, BofA to Supply Extensive Information
BY AMIR EFRATI
Jed Rakoff, the federal judge who is weighing whether to approve a proposed $150 million settlement betweenthe Securities and Exchange Commission and Bank of America Corp. over allegations the bank misled investorsabout its merger with Merrill Lynch & Co., on Thursday requested voluminous information from both parties.In a written order, the judge asked for material ...
8. FEBRUARY 17, 2010 - So Why was BofA's General Counsel Fired? Here's BofA's Answer
By Ashby Jones
All throughout BacMerSaga, it’s been a question raised by New York federal judge Jed Rakoff: Why was Bank of America’s former general counsel, Timothy Mayopolous, fired at the end of 2008? Might the rationale havebeen, as NY Attorney General Andrew Cuomo has implied, because he advised BofA executives to disclosebonuses to be given to Merrill Lynch executives, advice that the BofA brass didn’t like?