Bank of America Corp. has agreed to pay $2.43 billion to settle alleged federal securities law violations in its acquisition of Merrill Lynch & Co. Inc. in 2009.
A group of state and foreign pension funds sued the bank, accusing the company of making false statements about its health and the health of Merrill Lynch. The settlement, subject to approval by Southern District Judge P. Kevin Castel (See Profile), was announced Sept. 28, less than a month before a trial was scheduled to begin.
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