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...staffers saying he will retire by the end of the year. Lewis, 62, said it was his decision to leave, but no one could miss the huge legal dustup swirling around him over the bank's deal late last year to buy Merrill Lynch. The Securities and Exchange Commission (SEC) and New York attorney general Andrew Cuomo have been investigating whether Lewis misled shareholders to gain approval of that acquisition. He could soon face charges in those probes. (See the top 10 crooked CEOs...
...rare move, a federal judge threw out a proposed $33 million settlement between the Securities and Exchange Commission and Bank of America stemming from the company's January takeover of Merrill Lynch. The SEC had sued the bank over $3.6 billion in undisclosed bonuses paid to Merrill staff before the deal. Judge Jed Rakoff accused bankers and regulators of having a "cynical relationship" that penalizes shareholders rather than bank executives...
Disgruntled shareholders have been taking a tougher and more vocal stand against company directors in 2009 over issues ranging from frothy executive pay packages to company stock performance, according to a new study. And experts believe this trend could fuel efforts by Congress and the Securities and Exchange Commission (SEC) to bring in changes to corporate-governance rules...
Fenn expects this trend to continue in 2010 when a new rule, approved by the NYSE and the SEC, goes into effect and no longer allows brokers to vote shares if they haven't received specific instructions from the shareholder on how to vote those shares. In the past, Fenn says, brokers were allowed to use their own discretion to vote shares and "typically voted management's slate" of directors...
...SEC is only allowed to bring civil cases. So even if Lewis is found liable on proxy statements, there is no possibility of jail time. The SEC can bar individuals from being officers of public companies, which would put an end to Lewis' Bank of America career, but legal experts say a ban in a proxy case would be unusual. The size of any fine would be determined by how important the information withheld was deemed to be. Still, even a relatively minor misstatement or omission can lead to a finding of liability...