Merrill Lynch

Local News
4:44 pm
Fri September 28, 2012

BofA Pays $2.4 Billion To Settle Lawsuit Over Merrill Lynch Deal

Bank of America

Bank of America is paying $2.4 billion to settle a lawsuit over its acquisition of Merrill Lynch. Shareholders accused the Charlotte-based bank of lying about the shape both companies were in at the time of the deal.

The bank’s then-CEO Ken Lewis raved about buying Merrill Lynch in 2008.

“Acquiring one of the premier wealth management, capital markets and advisory companies is a great opportunity for our shareholders,” Lewis said at the time.

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