Charlotte, NC -
Bank of American, BofA, has agreed to pay $2.43 billion to settle a class action lawsuit related to its takeover of Merrill Lynch during the financial crisis that sparked the last recession. The lawsuit alleged that BofA officials made false and misleading statements about the health of both BofA and Merrill Lynch in an effort to ensure BofA takeover of Merrill Lynch.
The class action lawsuit represented investors who had bought or already held BofA stocks during the period BofA announced the takeover.
