“(Reuters) – Bank of America (BAC.N) said it will pay $2.43 billion to settle a class action lawsuit with investors who held its securities at the time the company announced plans to acquire Merrill Lynch.
The company expects to incur total litigation expense of about $1.6 billion for the quarter ending September 30.
The litigation expense and a U.K. tax charge are expected to hurt the bank’s third-quarter earnings by about 28 cents per share, the company said in a statement.
The bank will also institute certain corporate governance enhancements until January 1, 2015, under the settlement.”
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