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Delaware Judge Says BofA Can Offer $20 Million Lawsuit Settlement For NY Approval -Bloomberg

Date : 05/04/2012 @ 3:28PM
Source : Dow Jones News
Stock : Bank of America Corp. (BAC)
Quote : 16.285  -0.005 (-0.03%) @ 12:14PM
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Delaware Judge Says BofA Can Offer $20 Million Lawsuit Settlement For NY Approval -Bloomberg

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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

 
 


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