Looks like BoA is in deep trouble

Bank of America seemed to have dodged a big legal fight when it reached a $33 million settlement with the Securities and Exchange Commission over its handling of the Merrill Lynch acquisition, but a federal judge in New York is putting them right back on the firing line.

Judge Jed Rakoff of the Southern District Court tossed out the settlement Monday and ordered the matter to trial in February, a move that will force the company to disclose more about its communications internally and with shareholders in the days and weeks leading up to the closing of the Merrill transaction in January. Judge Rakoff said the settlement, reached early in August, was "neither fair, nor reasonable, nor adequate."
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Bank of America "is in serious, serious trouble now," says St. John's University law professor Anthony Sabino. "The judge's rejection of the SEC settlement, which is of course rooted in the same transactions, will embolden Cuomo to attack BofA head on and get more info about just what happened at the bank when it took over Merrill."

More at: http://www.forbes.com/2009/09/14/bank-of-america-settlement-...

Sorry mods, I didn't think the $ and 'hit' combined would violate posting policy. I changed it.