A Delaware judge ruled that Bank of America Corp. (BAC) may offer a proposed $20 million shareholder lawsuit settlement, denying a request from a different shareholder group, which had also sued the bank over the purchase of Merrill Lynch, Bloomberg News reported Friday.
The $20 million proposed settlement with plantiffs who sued Bank of America in New York was announced last month. A Delaware plantiff group has opposed that settlement.
Delaware Chancery Court Judge Leo Strine said in a hearing that "I have no confidence that I have the authority to enjoin parties to a federal proceeding," Bloomberg reported.
Full story at http://www.bloomberg.com/news/2012-05-04/bofa-can-offer-merrill-settlement-for-approval-in-n-y-.html
-Dow Jones Newswires; 212-416-2900