Bank of America pays $2.4bn to end Merrill case
Saturday 29 September 2012
Bank of America has agreed to pay $2.43bn (£1.51bn) to settle a shareholder lawsuit over its 2008 buyout of Merrill Lynch in one of the largest-ever settlements of a securities fraud class action.
The bank said it expects to incur total litigation expenses of about $1.6bn in the three months to the end of September, which analysts predicted would push it into the red when it reports third-quarter results next month.
The lawsuit filed in 2009 contended that Bank of America and its officers made false or misleading statements about the financial health of Bank of America and Merrill Lynch before the acquisition, leading the bank's stock price to tumble when the facts were revealed.
Bank of America denied the allegations and said it had made a settlement in order to end the long-drawn-out litigation.
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