Tuesday, September 22, 2009

SEC About Face on BofA Suit

After having its questionable settlement with Bank of America rejected by the Court, the SEC has now said that it will press its case that Bank of America Corp. misled investors, and said additional claims may be added.

“We will vigorously pursue our charges against Bank of America and take steps to prove our case in court,” the agency said yesterday in a statement, a week after U.S. District Judge Jed Rakoff set trial for February. The SEC said it will use the pretrial process to obtain information and “determine whether to seek the court’s permission to bring additional charges.”

Are we supposed to forget that the Commission agreed to settle the claims in an agreement that was of questionable merit, and did not include any individual defendants? More>>>

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