The federal judge evaluating a settlement with the Securities and Exchange Commission over Bank of America Corp.'s purchase of brokerage Merrill Lynch said Monday he wants to review portions of the record related to the firing of the bank's general counsel, Reuters reports Monday.
Bank of America last week announced it had agreed to pay $150 million in a settlement with the SEC over allegations the bank misled investors about bonuses and losses at Merrill.
The settlement requires the approval of District Judge Jed Rakoff, who said at a hearing Monday that versions of facts presented by the SEC and in a civil lawsuit filed by New York State's attorney general, Andrew Cuomo, are "strikingly different."
SEC's other proposed remedial actions for Bank of America appeared to be "quite positive," the judge said.
The hearing in Rakoff's Manhattan courtroom was continuing Monday afternoon.
