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