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.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- What would a U.S.-Russia war look like?
- The mystery behind China's aggressive push into space
- The best places to find love — and lust — according to science
- Here's the schedule very successful people follow every day
- How the battle for religious freedom became a nonsensical free-for-all
- Why GOP reformers are bound to fail
- Boyhood's refreshingly unsentimental take on motherhood
- The 6 best low-cost smartphones
- Sex can't explain the culture war
- How to buy an engagement ring — a man's guide
Subscribe to the Week