A week after the Securities and Exchange Commission announced it
had settled the matter, Judge Rakoff questioned whether the $33
million agreement with Bank of America was adequate. He refused to
approve the deal, saying too many questions remained unanswered,
including who knew what and when about the controversial payouts.
2 Comments in Response to US judge will not sign off on BofA, SEC bonus pact
No doubt the judge is pissed because they didn't cut him in on the deal
Reuters:
http://www.reuters.com/article/euRegulatoryNews/idUSN1029274020090810