Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, September 28, 2012

Bank of America Settles Class Action over Merrill Merger for $2.43 Billion

Bank of America agreed to pay $2.43 billion to settle claims it mislead its shareholders about the 2009 acquisition of Merrill Lynch.  This is the largest settlement of a shareholder suit related in the financial crisis.  Bank of America denied plaintiffs' allegations that it made false and misleading statements about the financial condition of Merrill and the Bank and said it was settling "to eliminate the uncertainties, burden and expense of further protracted litigation."  WSJ, BofA to Pay $2.43 Billion in Merrill Settlement

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