Bank of America to Pay Nearly $2.5B in Settlement
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Spencer Platt/Getty Images(WASHINGTON) — Bank of America is paying big to settle more claims of misleading investors during the financial crisis.
This is the latest costly consequence of Bank of America’s purchase in 2008 of Merrill Lynch and Countrywide Financial. At the time, prosecutors in Ohio said Bank of America gave incomplete or wrong information about the health of Merrill Lynch to pension funds for public employees and teachers, depriving them of the chance to fairly judge the risk of investing.
Bank of America denied the claim, but said it wanted to eliminate the burden of litigation by paying nearly $2.5 billion, one of the largest securities class action settlements ever.
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