Judge Rakoff of the S.D.N.Y. responded yesterday to BofA's and the SEC's briefs. In short, he wants the original information he requested earlier this month (the attorneys specific involvement in the merger agreement and bonus disclosures, or lack thereof).
Briefest of backgrounds: BofA has settled with the SEC for $33 million regarding the matter of whether a false proxy statement was given to BofA shareholders prior to a vote on whether to acquire Merrill (the contention: where were the Merrill bonuses disclosed?). I have discussed the matter on this blawg earlier (here, here, and here).
AmLaw nails it, and follows the ATL thread discussion yesterday, by quoting Rakoff in his own order: "It also leaves open the question of whether, it if was actually the lawyers who made the decisions that resulted in a false proxy statement, [that] they should be held legally responsible."
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Briefest of backgrounds: BofA has settled with the SEC for $33 million regarding the matter of whether a false proxy statement was given to BofA shareholders prior to a vote on whether to acquire Merrill (the contention: where were the Merrill bonuses disclosed?). I have discussed the matter on this blawg earlier (here, here, and here).
AmLaw nails it, and follows the ATL thread discussion yesterday, by quoting Rakoff in his own order: "It also leaves open the question of whether, it if was actually the lawyers who made the decisions that resulted in a false proxy statement, [that] they should be held legally responsible."
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