On Monday, District Judge Jed Rakoff issued an order rejecting the proposed settlement agreement between the SEC and Bank of America as announced in August. In the proposed agreement Bank of America had agreed to the entry of a judgment which would have permanently enjoined it from violating the proxy solicitation rules and would have ordered the payment of a $33 million penalty. In an order critical of both the SEC and Bank of America, Judge Rakoff ordered the parties to prepare for a trial to begin on February 1, 2010.