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Judge Approves Bank of America Corp $2.43 Billion Settlement Over Merrill-Reuters


Friday, 5 Apr 2013 05:13pm EDT 

Reuters reported that Bank of America Corp won a federal judge's approval for a $2.43 billion settlement with investors who said the lender hid crucial information when it bought Merrill Lynch & Co. The accord, among the largest investor settlements stemming from the recent global financial crisis, was approved by U.S. District Judge Kevin Castel in Manhattan. Bank of America had agreed to buy Merrill in an all-stock deal initially valued at $50 billion on September 15, 2008, the same day that Lehman Brothers Holdings Inc went bankrupt. 

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