Bank Of America Wants To Settle Lawsuit For $315 Million

Bank of America agreed Monday evening to pay $315 million to settle claims from investors that they were um, "misled" about mortgage-backed investments sold by its Merrill Lynch unit.

Bank of America agreed Monday evening to pay $315 million to settle claims from investors that they were um, "misled" about mortgage-backed investments sold by its Merrill Lynch unit.

The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge, and not just any judge, it has to be approved by U.S. District Judge Jed Rakoff.

Rakoff has a bit of a penchant for transparency, justice and morality. He also seems to think criminals should actually admit their guilt.

Still, no arrests, no criminal charges.

About Diane Sweet

Diane Sweet's picture
Senior Editor, Lives in a gerrymandered district in Michigan.

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