NEW YORK (Reuters) - Bank of America Corp has agreed to pay $20 million to settle a lawsuit in which investors accused it of rigging bids for municipal securities, court papers filed on Wednesday show.
District Court judge Mariana Pfaelzer has approved a $500M class-action settlement between Bank of America (BAC) and pension funds related to problematic mortgage bonds sold by Countrywide from 2004-7.
Bank of America (BAC) inherited a lot when it acquired Merrill Lynch a few years ago. It inherited a world class wealth management firm but along with that, BAC also acquired Merrill's legal troubles and debts.
Over the past couple of years Bank of America (BAC) has made tremendous strides in many facets of its business. And if you don't believe me, simply take a look at the chart below; the stock is hitting multi-year highs.