BofA To Pay $40M To Resolve Ex-Advisers' Suit

Law360, New York (August 24, 2012, 6:53 PM EDT) -- Bank of America Corp. has agreed to pay about $40 million to settle a class action that is part of an ongoing dispute with former Merrill Lynch & Co. financial advisers who claim they were shortchanged when the two banks merged, lawyers confirmed Friday.

The settlement will pay out about 1,500 former Merrill advisers who say they did not get deferred compensation owed under their Merrill contracts after BofA bought the financial management firm in January 2009, ending a suit brought in October 2009, lawyers told...
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