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Tag >> Rakoff
Besides death and taxes, one thing you can always count on is a lawsuit filed after a governmental regulatory action. So, surprise, surprise, a major pension fund has filed a lawsuit against Bank of America stemming from its merger with Merrill Lynch.
As bad as this case involving JP Morgan and its Mexican client, Empresas Cablevision, sounded to me when I first read about it last month, I couldn't help but wonder just how unusual it was. After all, it seemed clear from the coverage that there were some do's and don'ts in "assigning" loans, and that therefore the issue must have come up before.
As professional horrors go, they probably don't get a whole lot more unsettling than Joe L. Price's.
This move by the New York State insurance department provides more evidence that having regulators compete with each other can have more upside than down. Remember that some proposals for "reform" have aimed at getting insurance regulation out of the hands of the states and into the hands of the Feds.
Pretty scathing stuff today from Jed Rakoff in his rejection of the Merrill Lynch settlement. Recall how the SEC had agreed to a $33 million deal in a case alleging that Bank of America and Merrill had not been forthright with shareholders about a plan to pay Merrill executives as much as $5.8 billion in bonuses on the eve of the firm's merger with B of A. Well that didn't go over so good.
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