BofA directors settle lawsuit over Merrill -judge
June 20 |
June 20 (Reuters) - Bank of America Corp directors have reached a definitive settlement of litigation by shareholders who accused the bank of overpaying for Merrill Lynch & Co, a federal judge said on Wednesday.
In a written order, U.S. District Judge P. Kevin Castel in Manhattan did not reveal the settlement terms, but said the settlement and request for preliminary approval should be filed with his court within 14 days.
The settlement was expected to total $20 million, according to previously filed court papers.
Castel said he may delay final approval until after the end of Oct. 22, 2012 trial in shareholder class-action litigation against Charlotte, North Carolina-based Bank of America itself.
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