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BofA to Pay $2.43 Billion to Settle Shareholder Lawsuit

Reuters – Bank of America Corp. agreed on Friday [Sept. 28] to pay $2.43 billion to settle a shareholder lawsuit over its 2008 buyout of Merrill Lynch in one of the largest-ever settlements of a securities fraud class action.

The accord is by far the biggest settlement of an investor class action arising from the 2008 financial crisis. Bank of America denied allegations it misled shareholders ahead of the Merrill deal, causing them huge losses, but said it agreed to settle to put the case behind it.

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