LAWSUITS NEWS & LEGAL INFORMATION
Bank of America Settles Merrill Lynch Class Action for $150 Million
This is a settlement for the Securities/Stock Fraud lawsuit.
A class-action lawsuit brought against the former Merrill Lynch & Co., which was purchased by Bank of America early in 2009, will reportedly be settled for $150 million.
Bank of America has agreed to pay the settlement to end the suit, which was brought by 2 Louisiana pension funds. The suit alleged that Merrill Lynch provided false and deliberately misleading statements regarding the sale of bonds and preferred stock issued between 2006 and 2008 - before Bank of America purchased Merrill.
A final hearing for approval of the settlement is scheduled for November 23, 2009.
Published on Aug-24-09
Bank of America has agreed to pay the settlement to end the suit, which was brought by 2 Louisiana pension funds. The suit alleged that Merrill Lynch provided false and deliberately misleading statements regarding the sale of bonds and preferred stock issued between 2006 and 2008 - before Bank of America purchased Merrill.
A final hearing for approval of the settlement is scheduled for November 23, 2009.
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