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Bank of America settles Merrill Lynch suit
 

Bank of America on Friday agreed to pay $2.43 billion to settle a class-action lawsuit filed in 2009 by investors who said that BofA made misleading statements about its financial health, as well as that of Merrill Lynch, when BofA acquired the investment firm in 2008. Bank of America still denies the allegations, but the company's chief executive, Brian Moynihan, said in a statement that "resolving this litigation removes uncertainty and risk and is in the best interests of our shareholders." The settlement could deal a $1.6 billion blow to BofA ahead of the Oct. 17 release of its third-quarter earnings.

 

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