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April 9, 2013

Judge approves $2.43B Bank of America settlement

A New York judge has approved Bank of America’s $2.43 billion settlement of a class action lawsuit brought by shareholders over the company’s acquisition of former competitor Merrill Lynch.

A judge for the U.S. District Court for the Southern District of Manhattan approved the settlement Friday. The bank proposed the settlement in late September. The agreement resolves allegations that Bank of America did not disclose the state of its finances or those of Merrill Lynch when it agreed to buy Merrill in September 2008.

Judge Kevin Castel said the settlement was “hard fought,” but called the final deal was “fair, reasonable and adequate.”

“‘We are pleased that this matter has been resolved,’ said Bank of America spokesman Lawrence Grayson. A call seeking comment from the State Teachers Retirement System of Ohio, one of the plaintiffs in the case, was not immediately returned.”

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Read full Wall Street Journal article here

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