BoA judge refuses settlement

A federal judge yesterday refused to approve a proposed settlement between the US Securities and Exchange Commission (SEC) and Bank of America over the payment of bonuses to Merrill Lynch employees, saying he was unable to determine if it was fair to the public. The bank had agreed last week to pay $33m to resolve an SEC civil lawsuit accusing it of misleading shareholders by not disclosing it had authorised the payment of up to $5.8bn (£3.5bn) in bonuses to Merrill employees.