In post 3 I described the issues around the takeover of Merill Lynch by the Bank of America. Shareholders who approved it were not told in advance about Merill Lynch colossal losses, nor about the promised bonus payments to Merill Lynch executives. The post was about the settlement with the Securities and Exchange Commission (SEC): $150million.
Now Bank of America agreed to pay $2.43billion to settle a class auction lawsuit from investors.
As usual, they deny they did anything wrong.It "said that it agreed to the settlement to get rid of the uncertainties, burden and costs related to the lawsuit." (see the link).
That is some uncertainty.
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