BofA Doles Out $8M To End Trust Account Investment Suit

Law360, New York (December 16, 2013, 5:02 PM EST) -- Bank of America Corp. has agreed to pay $8 million to settle a class action claiming it breached its fiduciary duty by investing trustee accounts it administers in the bank's affiliated mutual funds, according to court documents filed Saturday.

On top of the $8 million payout to class members, the deal also calls for up to $1.9 million in attorneys' fees as well as unspecified costs to be paid by Bank of America.

Lead plaintiff Ellen Stoody-Broser, whose trust account was administered by Bank of America,...
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