To the Point

Judge Stuns Wall Street, Tosses Out SEC Pact with BofA

Executives at Merrill Lynch got $3.6 billion in bonuses just as their firm was about to be merged with Bank of America, but neither company told shareholders before they approved the deal. The Securities and Exchange Commission settled the case for $33 million.

By Warren Olney • May 12, 2014 • 1 min read

Executives at Merrill Lynch got $3.6 billion in bonuses just as their firm was about to be merged with Bank of America, but neither company told shareholders before they approved the deal. The Securities and Exchange Commission settled the case for $33 million. Yesterday Federal Judge Jed Rakoff said that fails to meet "the most elementary notions of justice and morality." Nell Minow is Editor at the Corporate Library and author of three books on corporate governance.

Warren Olney
former KCRW broadcaster
Nell Minow
Editor, Corporate Library

News

National

Politics

To the Point

Judge Stuns Wall Street, Tosses Out SEC Pact with BofA

Executives at Merrill Lynch got $3.6 billion in bonuses just as their firm was about to be merged with Bank of America, but neither company told shareholders before they approved the deal. The Securities and Exchange Commission settled the case for $33 million.

Share

To the Point

Judge Stuns Wall Street, Tosses Out SEC Pact with BofA

Executives at Merrill Lynch got $3.6 billion in bonuses just as their firm was about to be merged with Bank of America, but neither company told shareholders before they approved the deal. The Securities and Exchange Commission settled the case for $33 million.

Share