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10-11-05 SEC v BAC (1:09-cv-06829) at the US District Court Southern District of New York – Wall Street Journal reports s

10-11-05 SEC v BAC (1:09-cv-06829) at the US District Court Southern District of New York – Wall Street Journal reports s

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Published by: Human Rights Alert, NGO on Nov 08, 2010
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05/12/2014

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Human Rights Alert 
PO Box 526, La Verne, CA 91750Fax: 323.488.9697; Email: jz12345@earthlink.net
 
Blog:
 Scribd: 
10-11-07
SEC v BAC 
(1:09-cv -6829) at the US District Court, Southern District of New York – Wall Street Journal reports
The litigation of the case was extensively covered by major US media outlets and also by internationalmedia. The New York Times, Washington Post, Wall Street Journal, and Times of London eachpublished multiple reports during the course of the litigation. However, there is no reason to assumethat any media, which reported of the litigation ever gained access to authenticated records in the case.Moreover, notices were forwarded to media outlet regarding the denial of access to court records.Regardless, media continued to report on the case, with no basis in valid and effectual court records.Following are sample reports from the Wall Street Journal, probably the least reliable of all media reports on the case:
 
1. SEPTEMBER 14, 2009 - Let’s Go to Trial: Rakoff Slams BofA, SEC, Rejects Pact
This just in: Manhattan federal judge Jed Rakoff has rejected the proposed $33 million settlement between theBank of America and the SEC. The SEC had alleged that BofA “materially lied” in shareholder communicationslast year about bonuses to Merrill Lynch employees. Click herefor the early WSJ story;herefor Rakoff’s ruling;here,here,here,here, andherefor earlier LB posts. The SEC and Bank of America had sought the judge’s approval of a consent decree to resolve charges that thebank concealed an agreement to pay up to $5.8 billion in bonuses to Merrill executives. But, in an unusual move,the judge said no. On Monday, he set a Feb. 1 trial date on the allegations in his New York courtroom.For starters, Rakoff found the proposed settlement unfair: …
2. SEPTEMBER 15, 2009 Rakoff Rakes the SEC
'Oscar Wilde once famously said that a cynic is someone 'who knows the price of everything and the value of nothing,'" wrote federal Judge Jed Rakoff yesterday in a scathing order rejecting a $33 million settlementbetween Bank of America and the SEC. Credit the judge with highlighting the particular political cynicism thatdrives too many of today's regulators.The SEC alleged earlier this year that BofA had "materially lied" in shareholder communications prior to itstakeover of Merrill Lynch, by failing to disclose bonuses owed to Merrill employees. New SEC chief MarySchapiro figured she'd play off public outrage with a civil lawsuit that would earn some headlines. BofA inAugust settled for $33 million, neither admitting nor denying guilt.Judge Rakoff was having none of it. In a 12-page opinion, he tore into the SEC for ignoring its own guidelinesand penalizing shareholders rather than the individuals who supposedly acted improperly. The settlement "doesnot comport with the most elementary notions of justice and morality, in that it proposes that the shareholderswho were the victims of the Bank's alleged misconduct now pay the penalty for that misconduct." As for theSEC's argument that this shareholder punishment will result in better management, the judge called it "absurd."
Digitally signedby Joseph Zernik DN: cn=Joseph
 
Zernik, o, ou,email=jz12345@earthlink.net, c=USDate: 2010.11.0900:19:34 +02'00'
 
Page 2/4 November 9, 2010
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?
 
Page 3/4 November 9, 2010
Actually, no, responded the SEC on Wednesday in acourt filingin the SEC/BofA lawsuit. Mayopolous was firedstrictly to create an opening for Brian Moynihan, who later succeeded Kenneth D. Lewis as chief executive, theSEC said. Click herefor the Dow Jones Newswires story. Click herefor past LB coverage of the situation.
9. FEBRUARY 18, 2010 - SEC Sets Up Showdown With Cuomo Over BofA
 BY KARA SCANNELL AND DAN FITZPATRICK 
In a swipe at New York Attorney General Andrew Cuomo, the Securities and Exchange Commission said in acourt filing that the December 2008 firing of Bank of America Corp.'s general counsel had nothing to do with hisopinion about ballooning losses at Merrill Lynch & Co. just before the securities firm's takeover by the giantbank.The SEC's court filing sets up a showdown between two securities regulators whose relationship has beenfraught with tension for years. U.S. District Court Judge Jed Rakoff has said he plans to issue a ruling byMonday on a proposed $150 million settlement ...
10. FEBRUARY 19, 2010 - A Peek At Wachtell Lipton’s Advice in BacMerSaga
 By Amir Efrati
Webrought you wordearlier today about the filings being made in Manhattan federal court related to theproposed settlement between the Securities and Exchange Commission and Bank of America over the bank’sdisclosures ahead of its 2008 merger with Merrill Lynch.Judge Jed Rakoff, who will rule on the proposed settlement on Monday, had requested more information in orderto understand why the SEC concluded that no individual had violated securities laws for not making fullerdisclosures.After all, Rakoff noted, New York Attorney General Andrew Cuomo decided to sue BofA’s former chief, KenLewis, and its former finance chief.
11. FEBRUARY 21, 2010, Cuomo Turns Over Testimony
 BY CHAD BRAY 
NEW YORK—New York Attorney General Andrew Cuomo's office turned over testimony from its probe of Bank of America Corp. to a federal judge weighing whether to approve a $150 million settlement of a separateinvestigation by the U.S. Securities & Exchange Commission.In a letter Friday, David Markowitz, special deputy attorney general for investor protection in Mr. Cuomo'soffice, said he forwarded to U.S. District Judge Jed S. Rakoff in Manhattan copies of depositions of fiveindividuals questioned in Mr. Cuomo's probe, including Timothy Mayopoulos, Bank of America's former generalcounsel."Obviously, ...
12. FEBRUARY 22, 2010 - Rakoff Backs BofA Accord, Unhappily
 BY DAN FITZPATRICK, KARA SCANNELL AND CHAD BRAY 
A federal judge harshly criticized but approved a $150 million settlement Monday between Bank of AmericaCorp. and the Securities & Exchange Commission, resolving claims the bank should have disclosed billions inlosses at Merrill Lynch & Co. before it was acquired by the bank.U.S. District Judge Jed S. Rakoff said the fine was "paltry" when considering the Merrill merger "could havebeen a bank-destroying disaster if the U.S. taxpayer had not saved the day." He criticized the bank for "hidingmaterial information ...
13. FEBRUARY 22, 2010 Judge Rakoff Grudgingly Signs Off On BofA/SEC Deal
 By Nathan Koppel
New York federal judge Jed
Rakoff 
approved the SEC's settlement of allegations that
Bank
Of 
America
misledinvestors about...

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