Bank of America to Pay $2.43B in Settlement

By: Associated Press Email
By: Associated Press Email

NEW YORK (AP) - Bank of America says it will pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch.
The lawsuit from 2009 was on behalf of investors that bought or held Bank of America stock when the company announced its plans to buy Merrill Lynch. Among the plaintiffs allegations was that Bank of America and some of its officers made false or misleading statements about both companies' financial health.

Bank of America denies the allegations and says it agreed to the settlement to get rid of the uncertainties, burden and costs related to the lawsuit. It has also agreed to adopt create several corporate governance policies.

Shares of Bank of America Corp. fell 5 cents to $8.92 in premarket trading Friday.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 171781221 - kolotv.com/a?a=171781221
Gray Television, Inc.