Sunday, April 7, 2013

Limitless fraud

"Bank of America on Friday won a federal judge’s approval for a $2.43 billion settlement with investors who said the lender hid crucial information when it bought Merrill Lynch. The accord, among the largest investor settlements stemming from the recent global financial crisis, was approved by Federal District Judge P. Kevin Castel in Manhattan. Judge Castel called the settlement “fair, reasonable and adequate.” Shareholders said Merrill’s mounting losses and bonus plans should have been disclosed before investors voted on the merger in December 2008. Bank of America denied the plaintiffs’ claims, but the chief executive, Brian T. Moynihan, has said the settlement would remove uncertainty for bank."

Limitless