Promote Your Attorney Profile on Law.net - Get Found / Earn More!
IRS Sued by Microsoft for Details about Contract with Law Firm
IRS Sued by Microsoft for Details about Contract with Law Firm
Class Action Lawsuit Accuses Sephora of Discrimination
Class Action Lawsuit Accuses Sephora of Discrimination
Apple Fined 20 Million for Patent Infringement
Apple Fined 20 Million for Patent Infringement
Battle Over Bratz Dolls to Continue in Court
Battle Over Bratz Dolls to Continue in Court
Legal Job Listings

Bank of America Agrees to Pay $2.43 Billion to Settle Lawsuit

In a lawsuit filed by shareholders, claims were made against Bank of America that said the bank and its officers made misleading or false statements about the financial health of the company and Merrill Lynch, which it acquired during the financial crisis. Now, Bank of America has agreed to pay $2.43 billion to settle the lawsuit.

The settlement was announced on Friday and Bank of America said that it still denies the claims made by the shareholders. The bank said that it agreed to the settlement so it could rid themselves of the uncertainties, the costs from the lawsuit and the burden.

“As we work to put these long-standing issues behind us, our primary focus is on the future and serving our customers and clients,” Bank of America CEO Brian Moynihan said in a statement.

Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




According to the investors who were the plaintiffs in the lawsuit, the settlement is the largest for such a claim.

“We are very pleased that the settlement will recoup a substantial portion of the losses incurred by (Bank of America) shareholders,” Brian Guthrie, executive director of the Teacher Retirement System of Texas, said in a statement. “The magnitude of the recovery reinforces the important role that pension funds play when they serve as lead plaintiffs in securities actions.”

Judge Kevin Castel, from the U.S. District Court for the Southern District of New York, has to review the settlement and approve it.

Bank of America Agrees to Pay $2.43 Billion to Settle Lawsuit by

Tagged: , ,

Posted by on October 1, 2012. Filed under Business News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Litigation Associate with 1-3 years of IP Litigation experience
USA-MA-Boston

Seeking a litigation associate with 1-3 years of IP litigation experience, strong academic credentials, and exceptional analytic skills and writing ability. In addition, a passion for patents, tradema...

Related Posts: