BofA director settlement over Merrill triples to $62. 5 million – source
(Reuters) – Bank of America Corp directors have reached a $62. 5 million settlement to resolve investor claims over the bank’s acquisition of Merrill Lynch & Co, a person familiar with the matter said, after a federal judge expressed reservations about an earlier version of the accord. U. S. District Judge Kevin Castel in Manhattan on Friday agreed to increase the size of the settlement from $20 million, the person said. This came after Castel had indicated in a January 4 order that he had yet to be persuaded of the fairness of the settlement, which also includes governance reforms. . . .
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