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Bank of America (BAC) agrees to pay $2.43B to settle a class action lawsuit alleging the bank...

Bank of America (BAC) agrees to pay $2.43B to settle a class action lawsuit alleging the bank and certain officers made misleading statements surrounding the Merrill Lynch purchase. The settlement, along with DVA adjustments and a U.K. tax charge, are expected to negatively impact Q3 EPS by $0.28. Shares -0.8% premarket. (PR)
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Comments (9)
  • untrusting investor
    , contributor
    Comments (9964) | Send Message
     
    BAC is still far from out of the woods yet. But at least they are working to get more of these lawsuits behind them.
    28 Sep 2012, 08:59 AM Reply Like
  • bbro
    , contributor
    Comments (10697) | Send Message
     
    BAC May 2021 bond yields 3.85%
    28 Sep 2012, 09:00 AM Reply Like
  • sses
    , contributor
    Comments (48) | Send Message
     
    This bank will never be clean.
    28 Sep 2012, 09:18 AM Reply Like
  • mweaver
    , contributor
    Comments (201) | Send Message
     
    the company won't be allowed to go under
    as long as it is a convenient target for
    lawsuits. backstopped by the treas, fed and
    taxpayer $$, it should survive. still a zombie though
    28 Sep 2012, 09:22 AM Reply Like
  • florrome12
    , contributor
    Comment (1) | Send Message
     
    too long to recover earlier investments- perhaps getting in if you have many years
    28 Sep 2012, 10:06 AM Reply Like
  • Buckoux
    , contributor
    Comments (7108) | Send Message
     
    I do think that Ken Lewis took on Merrill-Lynch under the duress of Treasury Secretary, Henry Paulson, in return for TARP bailout. It wasn't the best of times, but the action was an attempt to make the looming hard times coming easier. This is economics, finance and government in a "Quantum Mechanics" dimension. No knows if it was the "right thing to do" and no one wants to go back and undo it to find out. Pay the money and move on.
    28 Sep 2012, 10:55 AM Reply Like
  • onewhatsbeendonebefore
    , contributor
    Comments (145) | Send Message
     
    BAC IS TOTAL NONESENSE

     

    My LNG strangle (the 5th time this month) is up 38% from yesterday

     

    Why waste time and money on bad banks moving up or down a fraction

     

    Its great I want to spread the word to make everyone RICH

     

    SPREAD THE WEALTH!!!
    28 Sep 2012, 10:56 AM Reply Like
  • MexCom
    , contributor
    Comments (3067) | Send Message
     
    Big settlement, big set aside on the balance sheet. The cash has to be claimed. If 90% gets actually claimed - that would be high. My guess is 75% - maybe less. The amount not claimed will return in less than 5 years maybe a lot sooner. Big immediate savings on taxes to income. The pile of cash keeps getting bigger and bigger.
    28 Sep 2012, 11:18 AM Reply Like
  • Jonnybegood
    , contributor
    Comments (13) | Send Message
     
    What's good for the Bank of America is good for America!
    29 Sep 2012, 09:31 PM Reply Like
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