Bank of America Settle Mortgage Securities Action for $315 Million

Bank of America Corp. reached a $315 million settlement with a group of investors who sued its Merrill Lynch unit claiming they were misled about mortgage- backed securities. According to a court filing, holders of the asset-backed certificates sued Merrill Lynch in December 2008 claiming false and misleading prospectus statements related to the securities. The investors argued that inaccurate statements were made about qualifications of … [Read more...]