BofA pushes SEC settlement, rejects Cuomo charges

U.S. District Judge Jed Rakoff in Manhattan has twice refused to sign off on the settlement, demanding more details about who knew what about the bonuses.

He has expressed incredulity at the SEC's allowing the bank to avoid disclosures by asserting that top officials relied on lawyers to make decisions about the disclosures. The bank did not admit wrongdoing in agreeing to settle.