On Monday, Judge Jed Rakoff approved a previously proposed $150 million settlement between Bank of America and the Securities and Exchange Commission. Under the terms of the settlement, Bank of America is required to pay $150 million, for distribution to shareholders harmed by the Bank’s alleged disclosure violations, and strengthen its corporate governance and disclosure practices for a period of three years.

Before ruling on the settlement agreement, Judge Rakoff requested extensive information from both the SEC and Bank of America. The approved settlement is significantly larger than a previously proposed settlement which was rejected last September by Judge Rakoff.