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BofA submits brief to Rakoff

Publication Date: 
August 24, 2009
Source: 
Reuters
Author: 
Rolfe Winkler

In his Reuters blog "Option Armageddon" Rolfe Winkler writes about the review of the settlement between the SEC and Bank of America, and he includes some third party commentary about Professor Joseph Grundfest, who filed an affidavit in the case:

Two weeks ago, Judge Jed Rakoff refused to approve the $33 million settlement between Bank of America and the SEC. He said he wanted more facts and ordered the parties to file briefs to that effect by today.

BofA published its brief earlier this afternoon....

There are three docs: The final submission along with two affidavits, one from Stanford law professor Joseph Grundfest, the other from Dewey and LeBoeuf’s Morton Pierce (who got paid the tidy sum of $1,090 per hour for his work).

St. John’s Professor Anthony Sabino offers the following initial comments:

1. The Joe Grundfest Affidavit signifies that BofA is not fooling around.

Getting Joe Grundfest to give an affidavit is like sending up Derek Jeter to hit in the World Series—he’s “clutch.” Grundfest is one of the greatest scholars of his generation in the securities law field….His name alone lends a gravitas to what he has to say. Judge Rakoff will respect that.