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New York District Court Releases Opinion and Order in SEC vs. Bank of America

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Follow on to SEC Charges Bank of America for Failing to Disclose Merrill Lynch Bonus Payments, see the Opinion and Order in SEC v. Bank of America, Issued by the District Court for the Southern District of New York, February 22, 2010.

  • “So should the Court approve the proposed settlement as being fair, reasonable, adequate, and in the public interest? If the Court were deciding that question solely on the merits -– de novo, as the lawyers say –- the Court would reject the settlement as inadequate and misguided. But as both parties never hesitate to remind the Court, the law requires the Court to give substantial deference to the S.E.C. as the regulatory body having primary responsibility for policing the securities markets, especially with respect to matters of transparency. While such deference can never be absolute –- since the Judgment ultimately entered is the Court’s and is enforced by the Court’s contempt power –- the Court would fail in its duty if it did not give considerable weight to the S.E.C.’s position.”
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