The federal judge who nixed an earlier settlement between the Securities and Exchange Commission and Bank of America yesterday demanded to see more documents before deciding whether to approve a revised truce between the bank and the Wall Street watchdog.
US District Court Judge Jed Rakoff said he wants deposition testimony and e-mails related to details of the advice that Timothy Mayopoulos, BofA’s ex-general counsel, gave about BofA’s merger with Merrill Lynch. He has set a Tuesday deadline and promised to make a decision by next Friday.
Rakoff wants an explanation why the SEC’s version of events surrounding Mayopoulos’ advice at the time of the merger differs from the version advanced by New York Attorney General Andrew Cuomo when he sued the bank last week for fraud. Cuomo claims Mayopoulos initially advised the bank to disclose to investors billions in losses at Merrill but abruptly changed his mind.

