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BofA-SEC deal is called 'puzzling'

August 26, 2009|Times Wire Reports

The judge weighing Bank of America Corp.'s $33-million settlement of a lawsuit by the Securities and Exchange Commission over bonus disclosures called the agency's explanation of the accord "puzzling."

U.S. District Judge Jed Rakoff in Manhattan said he wanted further explanation of the settlement in submissions due Sept. 9 by both sides. In particular, he wants to know why the SEC accepted the bank's claim that the people who issued a misleading statement relied on the advice of lawyers, and why the agency didn't investigate further.

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