NEW YORK, Sept. 28 (Xinhua) -- Bank of America said on Friday that it has agreed to pay 2.43 billion dollars to settle a class- action lawsuit related to its acquisition of Merrill Lynch during the financial crisis.
In the lawsuit, shareholders alleged that Bank of America and some of its officers made false or misleading statements about both companies' financial health. The investors accused that the bank had hidden losses at Merrill Lynch from shareholders voting on the acquisition, which closed on the first day of 2009.
Bank of America denied the allegations, and said that it agreed on settlement just to get rid of the uncertainties, burden and costs related to the lawsuit. The settlement still requires court approval.
The bank has reached a series of settlements over mortgage, securities actions and customer lawsuits since 2009, involving a total of at least 29 billion dollars.
The latest settlement will affect its third-quarter earnings, said the bank.