NEW YORK (AP) — Bank of America says it has agreed to pay $2.43billion to settle a class-action lawsuit related to its acquisitionof Merrill Lynch at the height of the financial crisis.

In the lawsuit, shareholders alleged that Bank of America andsome of its officers made false or misleading statements about bothcompanies' financial health.

The lawsuit was filed on behalf of investors who bought or heldBank of America stock when the company announced its plans to buyMerrill Lynch in a $20 billion deal as the banking industry andfederal regulators struggled to contain fallout from the financialcrisis in the fall of 2008.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.