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Bank of America to settle for $2.43 billion

Pension plan managers say that pension funds play an important role as lead plaintiffs in securities actions, and hope the settlement recoups major losses.

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

In the lawsuit, shareholders alleged that Bank of America and some of its officers made false or misleading statements about both companies’ financial health.

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