Keep an eye on Bank of America (NYSE:BAC) stock today. A judge has rejected Bank of America’s settlement agreement with the Securities and Exchange Commission, made earlier this week, pending a hearing on Monday.
Bank of America had agreed to settle with the Securities and Exchange Commission over charges it misled investors over Merrill Lynch’s executive bonuses when it acquired Merrill back in September of 2008. Bank of America agreed to pay $33 million, without admitting or denying charges.
In a statement, the judge points out that the two parties did not specify the basis for the $33 million figure, nor whether any of the funding would come from the government bailout funds Bank of America has received.
Bank of America shares are trading at $17.23, up over three percent.
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