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Bank of America settles mortgage suit for $315 million

NEW YORK (AP) — Bank of America has agreed to pay $315 million to settle claims by investors that they were misled about
mortgage-backed investments sold by its Merrill Lynch unit.

The settlement was disclosed in court papers filed late Monday in US District Court in Manhattan and requires the approval of a judge.

The class action lawsuit was led by the Public Employees’ Retirement System of Mississippi pension fund.

The settlement represents another attempt by Charlotte-based Bank of America Corp. to put its legal issues behind it. Just in the first half of the year, the bank put up $12.7 billion to settle similar claims from different groups of investors.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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