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Bank of America Reaches $150 Million Settlement with Louisiana Pension Funds (BAC)

Aug 24, 2009 (SmarTrend(R) News Watch via COMTEX) --

Company: Bank of America Corp. (BAC)

8/24/2009 - Bank of America (NYSE:BAC) agreed to settle a class-action lawsuit against the former Merrill Lynch & Co for $150 million, according to a Reuters report. U.S. District Judge Jed Rakoff granted the settlement on the 21st of August, and the deal reached with two Louisiana pension funds was made public Monday. The nearly 20 former Merrill directors and executives named as defendants were accused of misleading investors during the sale of bonds and preferred stock.

Write to Chip Brian at cbrian@tradethetrend.com

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Company: Bank of America Corp. (BAC)


Related terms: bank, bonds, lawsuit, louisiana, market, nyse, securities

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