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Thursday, December 30, 2010

Bank of America's (NYSE:BAC) Lehman Order Amended by Judge

In an amendment of a Bank of America (NYSE:BAC) order to pay $590 million to Lehman Brothers, from U.S. Bankruptcy Judge James Peck, he said the judgement he made now isn't final.

Peck said “the judgment is hereby deemed not to be a final judgment.”

The $590 million judgement was to pay compensation for deposits taken by Bank of America.

Peck said the taking of the $500 million in deposits violated bankruptcy law. The extra $90 million was interest added to the amount.

Bank of America appealed the ruling, saying it “has established a substantial possibility of success on appeal,” citing banking law. They withdrew the appeal recently, while reserving the right to reinstate it at a later time.

Bank of America was trading at $13.29, down $0.02, or 0.15 percent, as of 2:45 PM EST.

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