BofA Strikes Historic $2.43B Settlement Over Merrill Buy

Law360, New York (September 28, 2012, 12:19 PM EDT) -- Bank of America Corp. agreed Friday to pay $2.43 billion to resolve federal multidistrict litigation over stock losses in the wake of its controversial 2008 acquisition of Merrill Lynch & Co., the largest settlement ever reached in a derivative action stemming from the financial crisis.

The pact, which still requires approval from a New York federal judge, would resolve a sprawling 2009 suit alleging BofA and its top brass misled shareholders about its financial health and that of Merrill Lynch before striking the deal at the...
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