A few years ago, the executives of the Bank of America had consented to a proposed judgment by the SEC to pay a fine of $33 million.
The judge on the U.S. District court, Jed S. Rakoff, of the Southern District of New York, however, held that bank executives had acted on the advice of their lawyers. Why then penalize the bank and its stockholders? Would you penalize the bank executives for taking legal advice in good faith? Why not penalize the lawyers for the advice?
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