BofA/S.E.C. settlement still unsettled

scales of justiceFederal Judge Jed Rakoff suggests he may reject a $150 million proposed deal reached between Bank of America and the Securities and Exchange Commission to settle charges the bank misled shareholders when it took over Merrill Lynch.  Law Professor Elizabeth Nowicki, once an S.E.C. attorney, says she’s sympathetic to the S.E.C, but applauds the judge’s judicial guts.

“I am delighted that Judge Rakoff is unwilling to accept on blind faith a seemingly weak resolution of a very important and fairly egregious case.”Contact Elizabeth Nowicki, 617-353-2807, enowicki@bu.edu

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