Bank of America to Pay $2.43 Billion to Settle Class Action Over Merrill Deal

Bank of America announced on Friday that it would pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch.

In 2009, shareholders accused Bank of America of making false and misleading statements about the health of the two companies. In part, the plaintiffs accused Bank of America of hiding a major loss at Merrill Lynch, a disclosure that may have influenced the shareholders' vote on the deal.

While Bank of America denied the allegation, the institution said it decided to settle to put the litigation to rest. As part of the proposed settlement, Bank of America also agreed to institute new corporate governance policies.

“Resolving this litigation removes uncertainty and risk and is in the best interests of our shareholders,” said Brian Moynihan chief executive said in a statement. “As we work to put these long-standing issues behind us, our primary focus is on the future and serving our customers and clients.”