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16 Sep 2009, 7:37 am
In truth, they were aware of, and had already approved $5.8 billion in bonuses for Merrill's executives. [read post]
16 Sep 2009, 1:32 am
It wasn't performance-related, says corporate spokesman Robert Stickler, and it wasn't related "to any advice he was giving on the Merrill Lynch merger. [read post]
15 Sep 2009, 11:01 pm
In contrast, the BofA executives and lawyers could not even offer the defense in a criminal fraud trial that the bad things they intentionally failed to tell BofA shareholders about the Merrill Lynch deal were immaterial. [read post]
15 Sep 2009, 1:37 pm
I continue to ponder Judge Rakoff's order refusing to approve the SEC-BofA consent judgment in connection with the alleged misstatements about the Merrill bonuses in the BofA proxy statement seeking approval of the merger. [read post]
15 Sep 2009, 1:24 pm
Regulators say shareholders weren't aware of the bonuses before voting to approve the deal to acquire Merrill late last year, according to regulators. [read post]
15 Sep 2009, 10:00 am
In a disbelieving tone, the Judge noted the contention made by the SEC that “executives at the Bank expressly approved Merrill’s making year-end bonuses before they issued the proxy statement denying such approval”. [read post]
15 Sep 2009, 8:00 am
As the court described: “The uncontroverted evidence in the investigative record is that lawyers for Bank of America and Merrill drafted the documents at issue and made the relevant decisions concerning disclosure of the bonuses. [read post]
15 Sep 2009, 6:00 am
It is true that Bank of America took a bath during the financial crisis and likely suffered from the acquisition of Merrill Lynch (although it remains to be seen, as the market recovers and brokerage activity picks up, whether this will be a short term harm). [read post]
15 Sep 2009, 4:46 am
As the drama of this case continues to unfold, Bank of America awaits the findings of NY Attorney General Andrew Cuomo as some expect him to file a complaint charging individuals at Bank of America in connection with the disclosure of Merrill Lynch bonuses in the near future. [read post]
15 Sep 2009, 4:00 am
In what has to be a stinging rebuke to both sides, Judge Rakoff refused to approve the settlement between the Securities and Exchange Commission and Bank of America over the alleged failure to adequately disclose the Merrill Lynch bonuses paid just before the merger. [read post]
15 Sep 2009, 3:22 am
BoA believes the facts demonstrate that proper disclosure was made to shareholders about Merrill bonuses. [read post]
14 Sep 2009, 9:48 pm
The lawsuit alleged that the bank failed to adequately disclose the bonuses that were paid by Merrill before the merger, which was completed in January at regulators’ behest as Merrill foundered. [read post]
14 Sep 2009, 9:46 pm
Specifically, the SEC claimed that Bank of America falsely told shareholders that Merrill would not be permitted to pay its executives year-end bonuses when, in fact, BoA had given Merrill approval to pay up to $5.8 billion in bonuses. [read post]
14 Sep 2009, 9:41 pm
The good judge just turned down the plea deal between the SEC and BofA on its communications with shareholders on the Merrill deal. [read post]
14 Sep 2009, 3:07 pm
Counsel for B of A was Wachtell, for Merrill, Shearman (or possibly the other way around). [read post]
14 Sep 2009, 2:43 pm
The good judge just turned down the plea deal between the SEC and BofA on its communications with shareholders on the Merrill deal. [read post]
14 Sep 2009, 1:30 pm
As investors and pension-holders watched with dread and dismay, and after a series of emergency meetings often conducted in the dead of the night, several of the world’s largest and oldest financial institutions had fallen, either bankrupt, bought, or bailed out: Lehman Brothers, Merrill Lynch, AIG, Washington Mutual, Wachovia. [read post]
14 Sep 2009, 11:33 am
On September 14, 2009, District Judge Rakoff entered an Order rejecting the proposed settlement between Bank of America and the SEC. [read post]
14 Sep 2009, 11:32 am
Judge Rakoff (SDNY) rejected the proposed settlement between the SEC and the Bank of America regarding misleading proxy disclosures over Merrill Lynch bonuses and set a Feb. 1 trial date. [read post]
14 Sep 2009, 11:12 am
Even better, Rakoff calls out BofA for not providing the information the Judge asked for in August: "precisely how the proxy statement came to be prepared, exactly who made the relevant decisions as to what to include and not to include so far as the Merrill bonuses [are] concerned. [read post]
