Judge approves $2.4 billion Bank of America settlement

Stocks and sharesFederal Judge Kevin Castel approved a $2.4 billion settlement between Bank of America and investors who suffered losses in connection with the company’s $18.5 billion Merrill Lynch acquisition in January 2009.  “This was the antithesis of a collusive settlement,” Judge Castel said, characterizing the settlement as “fair, reasonable and adequate.”

Brian Moynihan, the CEO of Bank of America, said that “[r]esolving this litigation removes uncertainty and risk and is in the best interests of our shareholders.” Bank of America consented to implementing corporate governance reforms in addition to paying $2.4 billion pursuant to the settlement.

Steve Larson
An experienced trial lawyer who handles both hourly and contingent fee cases, Steve has expertise in class actions, antitrust litigation, securities litigation, corporate disputes, intellectual property disputes, unfair competition claims, and disputes involving family wealth. Steve regularly represents individuals and businesses in federal and state court and has obtained class-wide recovery in multiple class actions. A veteran practitioner, Steve's clients value his creative approach to resolving complex litigation matters.


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