Joined Nov 11, 2007
31,929 Blog Posts

BoA to Pay $2.43 Billion for Merrill Lynch Lawsuit

“(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.”

Full article

If you enjoy the content at iBankCoin, please follow us on Twitter