BoA jury trial

14 Replies

I just came across this in another forum, this is dated Oct 8, but I can't find anything here on BP. anyone know anythig about it?

Bank of America (And Its Executives) to be Tried by Jury

In an ominous, one sentence disclosure just filed in Southern District Court of New York, the SEC has advised that it will demand a trial by jury for “all issues so triable

Ofgift

First I have heard of it as well. Any chance of any reference to the actual case?

But then again a trial by a jury of your peers, would mean the juriors would also be bankers???? :mrgreen:

Originally posted by jawsette:
But then again a trial by a jury of your peers, would mean the juriors would also be bankers???? :mrgreen:


Don't you mean government officials now :mrgreen:

http://www.mfi-miami.com/bank-of-america-trial?ref=l
the link takes you to
http://www.zerohedge.com/article/bank-america-and-its-executives-be-tried-jury

where it shows what I think is the first page of a legal document
Securities Exchange Commission , plaintiff, vs Bank of America corporation, defendant

Plaintiff's demand for Jury Trial

Ofgift

This could be a securities lawsuit. Some shareholders are upset about the merger last year and bonuses that were paid around the time of the merger without sufficient information to shareholders.

Yup. That's a securities action. Just before BofA acquired ML last year, the latter paid huge bonuses to its staff. Shareholders are upset about having been kept in the dark about the bonuses although senior execs knew about it prior to the merger.

Normal crooked stuff that happens on Wall Street all the time.

How long you guys think, before BofA goes under? I'd say 12-18 months... And no, I don't see another bail out. CIT just cost the taxpayer almost $2B... I don't see another bailout....

http://www.forbes.com/2009/09/14/bank-of-america-settlement-business-wall-street-bofa.html

The case by the SEC is 09 Civ. 6829 (JSR), and googling that leads you to http://www.docstoc.com/docs/11397920/SEC-v-B-of-A
Which is the memorandum order, and it spells out the whos, whats, and whyfores, in courtspeak.

But, in short,
In the Complaint in this case, filed August 3, 2009, the Securities and Exchange Commission (“S.E.C.�) alleges, in stark terms, that defendant Bank of America Corporation materially lied to its shareholders in the proxy statement of November 3, 2008 that solicited the shareholders’ approval of the $50 billion acquisition of Merrill Lynch & Co. (“Merrill�). The essence ofthe lie, according to the Complaint, was that Bank of America“represented that Merrill had agreed not to pay year-end performance bonuses or other discretionary incentive compensation to its executives prior to the closing of the merger without Bankof America’s consent [when] [i]n fact, contrary to there presentation ..., Bank of America had agreed that Merrill could pay up to $5.8 billion –- nearly 12% of the total considerationto be exchanged in the merger –- in discretionary year-end and other bonuses to Merrill executives for 2008.�

With all the billions and trillions being thrown around nowadays, why can't any of it fall on me? :roll:

Originally posted by Ralph S.:
With all the billions and trillions being thrown around nowadays, why can't any of it fall on me? :roll:

It already rains on you in several forms: bailouts (for others), bills (both in Congress and the ones that collect in your mailbox), and ads. :roll: What you want is for it to rain on you in a more desirable form. :mrgreen:

Originally posted by hakchinoy:
Originally posted by Ralph S.:
With all the billions and trillions being thrown around nowadays, why can't any of it fall on me? :roll:

It already rains on you in several forms: bailouts (for others), bills (both in Congress and the ones that collect in your mailbox), and ads. :roll: What you want is for it to rain on you in a more desirable form. :mrgreen:



It will rain on us, just in a different direction. We get the burden of the debt :cry:

Unless FRB/Treas are subpoenaed, this thing goes down as a wash, with
the shareholders paying whatever the SEC/Courts decide is "fair" as
compensation for THEIR efforts to save us all from themselves.

The missing answers to "justice" are at LEAST:

1. Claw back every bonus paid to BoA's management until you hit the ML
bonuses paid PLUS the SEC/Court costs.

2. Fire everyone involved, barring them (as in Milken and other cases)
from ever practicing in the financial fields. Milken, of course, has a
"pass" for some reason - he's a CONSULTANT to the bond world and a
highly respected one at that..

3. Pay EVERY dime of the clawback to shareholders as a dividend,
holding off all future bonuses until such time that bill is paid in full.

The nice Judge must have missed those powers among the many not brought
to bear on this "save the shareholder/taxpayer" effort.

Ain't NONE of the above gonna happen

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