A federal judge says he needs more time and additional details before making a decision on a $33 million settlement between Bank of America and the Securities and Exchange Commission over executive bonuses.
In a hearing in New York on Monday, U.S. District Judge Jed Rakoff said he is "concerned that we have not yet ferreted out all that the court needs to know."
Charlotte, N.C.-based BofA had agreed to pay the fines to settle charges that it misled investors about Merrill Lynch's plans to pay executives. Rakoff has requested the names of those involved in
bonus discussions and information on the timing of those talks.
Both the SEC and BofA will submit additional paperwork in the next two weeks. The judge could then rule or order additional hearings.
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