Last week the Securities and Exchange Commission had a proposed Consent Settlement Judgment with Bank of America disapproved by a Federal Court as a "contrivance". This week, the SEC announced that it is going to Trial with BOA. "SEC to Take Bank of America to Trial Over Merrill Lynch Bonuses" (Associated Press Copyrighted Story published in Los Angeles Times Online, Tuesday, September 22, 2009); see Greg Farrell, "BofA to Pay $425m Over Toxic Assets" (Financial Times.com, Tuesday, September 22, 2009).
Stay tuned. The SEC is unlikely to attempt to try this case. Based on their past record, the SEC is much more likely to try again to settle. And to somehow come up with a reason to move the case out of the Court of the Federal Judge that disapproved its proposed settlement with BOA in the first place.
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