WSJ Law Blog reports:
U.S. District Judge Jed Rakoff has been reversed again.
The Second U.S. Circuit Court of Appeals in New York on Monday threw out a civil-fraud verdict against Bank of America Corp. involving the bank’s Countrywide unit, tossing a $1.27 billion penalty along with it. ...
The decision comes two years after the same appeals court ruled that Judge Rakoff had abused his discretion in blocking a fraud settlement between the Securities and Exchange Commission and Citigroup Inc. ...
Last year, a unanimous Second Circuit panel also reversed Judge Rakoff’s holding that a New York state law banning surcharges on credit card purchases was unconstitutional.
This is what happens when your jurisprudence is based on what will please the NY Times editorial board.
