Judge: BoA SEC Deal Violates "Most Elementary Notions Of Justice And Morality"

Judge: BoA SEC Deal Violates "Most Elementary Notions Of Justice And Morality"

Judge Jed Rakoff, our favorite crusading curmudgeon of the court, is at it again. And once again, he’s turned his ire to the backroom deal that Bank of America tried to cut with the Securities and Exchange Commission to settle a complaint about outsize bonuses paid at Merrill Lynch before BofA took it over last year. The $33 million settlement, Rakoff wrote in his decision, “does not comport with the most elementary notions of justice and morality.”