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A federal judge ruled on Monday that Bank of America, defending a suit by the SEC alleging that it misled investors prior to its acquisition of Merrill Lynch & Co., could not introduce expert witness testimony at trial detailing media reports predicting it would pay bonuses. U.S. District Judge Jed Rakoff found that Bank of America's argument that shareholders already knew that Merrill would likely pay billions of dollars in bonuses based on widespread media reports was not credible because the bank's own proxy statement told shareholders to ignore such reports.
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This page contains a single entry by Nick Zafran posted on January 7, 2010 5:07 PM.
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