From Dealbook: Bank of America announced on Friday that it
would pay $2.43 billion to settle a class action lawsuit related to its
acquisition of Merrill Lynch, as the legal woes continue for the financial
institution.
In 2009, shareholders accused Bank of America of making
false and misleading statements about the health of the two companies. In part,
the plaintiffs accused Bank of America of hiding a major loss at Merrill Lynch
just shortly before shareholders were set to vote on the deal.
While Bank of America denied the allegation, it said it
decided to settle to put the litigation to rest.
As part of the proposed
settlement, Bank of America also agreed to improve its corporate governance
policies….
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