Bank of America in $55 million pension settlement

NEW YORK (Reuters) - Bank of America has agreed to settle a lawsuit for $55 million brought by Countrywide employees who contended their employer violated its duty to protect their retirement accounts, according to court documents.

Bank of America did not admit culpability under the settlement, according to court papers dated August 5. The settlement will go before U.S. Judge John F. Walter of the Central District of California at a hearing scheduled for August 31.

The employees of Countrywide had contended that Countrywide Financial Corp had violated the Employee Retirement Security Act by not selling the company's shares and withheld information about the company from pension participants.

Countrywide was later taken over by Bank of America.

(Reporting by Matt Daily; Editing Bernard Orr)