BofA Settles Merrill Bondholders' Suit For $150M

Law360, New York (August 24, 2009, 4:33 PM EDT) -- Bank of America Corp. has agreed to pay $150 million to settle a class action filed by purchasers of Merrill Lynch & Co. bond-class securities who alleged they were harmed because Merrill misrepresented its subprime mortgage debt exposure and other financial information.

Judge Jed Rakoff of the U.S. District Court for the Southern District of New York gave preliminary approval to the settlement on Friday and has set a hearing on final approval for Nov. 23.

The plaintiffs in the proposed settlement class include purchasers of...
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