patrick.net

http://dealbook.nytimes.com/2012/09/28/bank-of-america-to-pay-2-43-billion-to-settle-class-action-over-merrill-deal/?hp

Seeking to unload one of its heaviest burdens from the financial crisis, Bank of America announced on Friday that it would pay $2.43 billion to settle litigation that had accused the bank of deceiving investors in the acquisition of Merrill Lynch.

WorldCom, Tyco and Cendant settlements, according to Joseph Grundfest, a professor specializing in securities litigation at Stanford University Law School. Bank of America said that the settlement would hurt its results for the quarter, with it and other legal expenses costing it $1.6 billion. It also agreed to adopt a “say on pay” shareholder vote, an independent compensation committee of the board and policies for committees focused on acquisitions, among other corporate governance changes.