In a statement released last Thursday, Bank of America announced that it has reached an agreement to settle a class action suit brought against it on behalf of purchasers of WorldCom securities, which was pending in the United States District Court for the Southern District of New York.
Under the terms of the settlement, which has yet to receive court approval, subsidiaries of Bank of America named as defendants in the litigation will make a payment of $460.5 million to the settlement class.
The Bank denied any wrongdoing, but explained that it had settled the matter in order to eliminate the uncertainties, expense and distraction of further litigation. It went on to add that the settlement amount has already been provided for.
This follows a settlement reached with the SEC by the firm's brokerage, clearing and mutual fund advisory operations in February, over alleged improper trading activities.
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