Bank Of America Will Pay $2.4 Billion In Settlement

NEW YORK (September 28, 2012)--Bank of America says it will pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch filed in 2009 on behalf of investors who bought or held Bank of America stock when the company announced its plans to buy Merrill Lynch.

Among the plaintiffs allegations was that Bank of America and some of its officers made false or misleading statements about both companies' financial health.

Bank of America denies the allegations and says it agreed to the settlement to get rid of the uncertainties, burden and costs related to the lawsuit.

It also agreed to adopt create several corporate governance policies.

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