It's only January 4, but already Judge Jed Rakoff has cast a cloud on Bank of America's year.

Rakoff -- the federal judge famous for refusing to approve the settlement between the bank and the SEC -- ruled today that the Bank could not enter into evidence media reports relating to its approval of up to a total of $5.8 million in bonuses to Merrill Lynch employees.

The SEC alleges that the proxy statement that solicited shareholder approval of BofA's purchase of Merrill falsely represented that Merrill was prohibited from paying year-end bonuses when BofA had actually already consented to them.

BofA wanted to use media reports saying that bonsues were likely to be paid as evidence that shareholders were aware of the bonuses and that the media reports were a "relevant part of the 'mix of information that determines whether the alleged misrepresentations were material," the opinion said.

The SEC argued, and Rokoff whole-heartedly agreed, that BofA's own statements warn shareholders from relying on media reports and that they should therefore be excluded from evidence.

The proxy statement said, in part, "You should rely only on the information contained or incorporated by reference in this documents."

Rakoff had strong words for BofA:

"In effect, [BofA] is arguing that, even though it expressly warned its shareholders to disregard the media, it can now defend itself by asserting that a reasonable shareholder would have disregarded these warnings and, by consulting the media, perceived [BofA's] alleged lies were immaterial. Even a zealous advocate might perceive that such an argument hints at hypocrisy."

The ruling, the court noted, appears to knock out the entire testimony of two of BofA's six proposed experts and a portion of a third's.

DealBook's report on the opinion is here; they also obtained a copy of the opinion, which is included below.

Rakoff Order Denying Admission of News Reports in BofA Case