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Bank of America (BAC) has won federal judge's approval for a $2.43B settlement with investors...

Bank of America (BAC) has won federal judge's approval for a $2.43B settlement with investors who said the lender hid crucial information when it bought Merrill Lynch in a $50B all-stock deal in September 2008. The settlement, which is among the largest stemming from the global financial crisis, culminated from what the judge referred to as "extraordinarily hard-fought litigation."
Comments (20)
  • swampfox1
    , contributor
    Comments (31) | Send Message
     
    And the Feds brokered the deal???????????
    5 Apr 2013, 07:36 PM Reply Like
  • Joe2922
    , contributor
    Comments (404) | Send Message
     
    Talking heads on tv are pounding the table to buy big bank stocks - not so fast!
    Rally over - what comes next. Charts and discussion here:
    http://bit.ly/WpVqYk
    6 Apr 2013, 10:10 PM Reply Like
  • sheeple2012
    , contributor
    Comments (203) | Send Message
     
    Shocking... let me guess: Southern District of NY
    5 Apr 2013, 08:08 PM Reply Like
  • mike mohr
    , contributor
    Comments (449) | Send Message
     
    Yeap, they have the crook judge in their back pocket.
    5 Apr 2013, 08:17 PM Reply Like
  • bill d
    , contributor
    Comments (1860) | Send Message
     
    So how did the investors make out? And the attorneys?
    5 Apr 2013, 08:21 PM Reply Like
  • gwynfryn
    , contributor
    Comments (3810) | Send Message
     
    bill, attorneys never lose...
    6 Apr 2013, 08:18 AM Reply Like
  • John/Jack
    , contributor
    Comments (60) | Send Message
     
    So the owners of Bank of America will pay themselves $2.4 billion in cash (provided they fill out the complicated paperwork and proof of ownership requirements) minus the half billion to lawyers who dreamed this "class action" suit up. All for a merger the government insisted on.
    5 Apr 2013, 08:29 PM Reply Like
  • benitus
    , contributor
    Comments (1871) | Send Message
     
    Too complicated for comment.
    5 Apr 2013, 10:09 PM Reply Like
  • mweaver
    , contributor
    Comments (201) | Send Message
     
    the hits just keep on coming
    5 Apr 2013, 10:49 PM Reply Like
  • MexCom
    , contributor
    Comments (3042) | Send Message
     
    Lawyer welfare for sure. The paperwork to make a claim is too cumbersome and many small holders won't get anything because they won't cut a check for under $20. The settlement came out to only pennies per share for most holders and if they need assistance to fill out the forms it would cost more than anything that can possibly be claimed.
    6 Apr 2013, 07:47 AM Reply Like
  • Estein0000
    , contributor
    Comments (2) | Send Message
     
    The paperwork for the class action calls for more than 3 dollars per share before expenses
    8 Apr 2013, 06:45 AM Reply Like
  • onewhatsbeendonebefore
    , contributor
    Comments (145) | Send Message
     
    If and its a big IF you are dumb enough to own a share or two Wait for world reaction

     

    Yet again a major bank is found GUILTY AS CHARGED but pays bribes to get on with screwing the punters.

     

    No one is fired and investors are now accessories to fraud on the GRAND SCALE.

     

    You have to admire the US Justice NONE SYSTEM.

     

    UN Bloody believable!
    6 Apr 2013, 09:21 AM Reply Like
  • jackooo
    , contributor
    Comments (1421) | Send Message
     
    Lewis left Bank of America with more than $135 million in retirement benefits, including the pension and $10 million in life insurance benefits, according to an analysis of corporate filings by James F. Reda & Associates, an independent consulting firm."[9]
    8 Apr 2013, 12:39 PM Reply Like
  • wmadriaga
    , contributor
    Comment (1) | Send Message
     
    I own BAC stocks. So be it!!!
    6 Apr 2013, 10:03 AM Reply Like
  • bill d
    , contributor
    Comments (1860) | Send Message
     
    I feel your pain!
    6 Apr 2013, 10:27 PM Reply Like
  • bankman1948
    , contributor
    Comments (6) | Send Message
     
    As a former BofA employee, I beg to differ with some of the comments. The FED forced BofA to purchase ML when they tried to back out of the deal. They were told that "We Will Bury You In The Media On Monday Morning If You Do Not Take The Deal." On a side note, Ken Lewis did lose his job over the purchase of ML and Countrywide.
    8 Apr 2013, 03:12 AM Reply Like
  • jackooo
    , contributor
    Comments (1421) | Send Message
     
    Ken Lewis lost his job because of being stupid & not standing up for the stock holders..
    Ken Lewis was REWARDED with millions up front for RETIREMENT and millions paid yearly. It is called a pension!!!
    8 Apr 2013, 11:22 AM Reply Like
  • benitus
    , contributor
    Comments (1871) | Send Message
     
    I must agree with bankman..... The Feds did indeed force BAC to buy over ML, just as they forced JPM to buy over Wamu. Both purchases were solid deals but Countrywide was done before the economy went belly-up, so Ken Lewis is the crook behind the debacle and subsequent fallout.
    8 Apr 2013, 12:24 PM Reply Like
  • projomni
    , contributor
    Comments (34) | Send Message
     
    How does that impact $BAC in the near term?
    http://bit.ly/16HJi9a
    8 Apr 2013, 06:03 AM Reply Like
  • swampfox1
    , contributor
    Comments (31) | Send Message
     
    When Barney & Chris are indicted, then I'll start to worry about being long BAC.
    9 Apr 2013, 12:16 PM Reply Like
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