Settlements and Verdicts

Bank of America Settles Merrill Lynch Class Action for $150 Million

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.

AUG-24-09: BofA settles Merrill suit for $150M [BIZ JOURNALS BOFA SETTLES MERRILL SUIT FOR $150M]

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