Bank of America Settles for $150 Million.
United States District Court Judge Jed Rakoff signed off on a $150 million deal today that closes the fight with the Securities Exchange Commission for bonuses paid to Merrill Lynch employees. This fine is an improvement on the previously discussed $33 million settlement, but still paltry in comparison to the $3.6 billion paid to Merrill employee’s in 2008. For more information, please click here.
Additionally, for more background information about the deal that originally cost Bank of America $50 billion for the acquisition of Merrill, but ultimately needed the support of the U.S. Government in order not to collapse, click here