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Judge Accepts "Half-baked justice" in BofA-SEC Settlement

By Anonymous

Louise Story at the NY Times writes: Judge Accepts S.E.C.?s Deal With Bank of America

[A] federal judge wrote on Monday that he had reluctantly approved a $150 million settlement with the Securities and Exchange Commission.

And from the Judge:

"In short, the proposed settlement, while considerably improved over the vacuous proposal made last August in connection with the Undisclosed Bonuses case, is far from ideal. Its greatest virtue is that it is premised on a much better developed statement of the underlying facts and inferences drawn therefrom, which, while disputed by the Attorney General in another forum, have been carefully scrutinized by the Court here and found not to be irrational. Its greatest defect it that it advocates very modest punitive, compensatory, and remedial measures that are neither directed at the specific individuals responsible for the nondisclosures nor appear likely to have more than a very modest impact on corporate practices or victim compensation. While better than nothing, this is half-baked justice at best."
Judge Jed S. Rakoff, Feb 22, 2010

I always enjoy some judicial snark.

Full post as published by Calculated Risk on February 23, 2010 (boomark / email).