Aug 10 (Reuters) - Federal District Judge Jed Rakoff held a hearing on Bank of America Corp's proposed $33 million settlement with the U.S. Securities and Exchange Commission:
* Judge assessing Bank of America Corp settlement with SEC says 'I need a lot more material' before accepting the settlement
* Judge says needs more detail on the facts, and issues of responsibility
* Judge says needs a 'much more detailed account of the underlying facts'
* Judge says wants to know whether evidentiary hearing, including on whether average investor would have wanted disclosure of Merrill bonuses, might be necessary
* Judge says 'I would be less than candid if I didn't express my continued misgivings about this settlement at this stage'
* Judge says proposed settlement 'seems to be lacking in transparency'
* Judge sets August 24 for Bank of America SEC to make simultaneous submissions in the case; September 9 for responses
* Judge adjourns hearing
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Bank of America Corp click here:) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Judge assessing Bank of America Corp settlement with SEC says 'I need a lot more material' before accepting the settlement
* Judge says needs more detail on the facts, and issues of responsibility
* Judge says needs a 'much more detailed account of the underlying facts'
* Judge says wants to know whether evidentiary hearing, including on whether average investor would have wanted disclosure of Merrill bonuses, might be necessary
* Judge says 'I would be less than candid if I didn't express my continued misgivings about this settlement at this stage'
* Judge says proposed settlement 'seems to be lacking in transparency'
* Judge sets August 24 for Bank of America SEC to make simultaneous submissions in the case; September 9 for responses
* Judge adjourns hearing
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Bank of America Corp click here:) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.