After more than five years of litigation stemming from the collapse of the massive Fontainebleau casino project on the Las Vegas strip, Bank of America Corp. and a group of term lenders have decided to pick up their chips and walk away.

On Wednesday, Bank of America disclosed in an regulatory filing that it agreed to pay $300 million to resolve allegations that the bank breached a disbursement agreement with a group of funds that provided $700 million in initial term loans to the Fontainebleau project.

For BofA and its lawyers at Munger, Tolles & Olson and O'Melveny & Myers, the deal marks the end of a long-running, expansive litigation that followed the mothballing of the huge Las Vegas project. The Fontainebleau was supposed to have more than 3,800 guest rooms, a casino, a convention center and other facilities, but the project's developers filed for bankruptcy protection in 2009. (It was later purchased by billionaire Carl Icahn, though construction remains uncompleted.)