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Merrill Lynch Pays $315 Million To Settle A Class Action Suit
Mortgage News > Merrill Lynch Pays $315 Million To Settle A Class Action Suit
Merrill Lynch, a branch of Bank of America, came to the conclusion settling for the amount of $315 million was the best decision to draw a close to their pending class action mortgage-securities lawsuit.
Merrill Lynch & Co. has admitted no wrong doing in the allegations made by a number of different public retirement systems which, according the Wall Street Journal, “alleged that securities backed by pools of mortgages didn't match up with sellers' promises.”
Terms of settlement will now go before U.S. District Court judge Jed Rakoff for approval. The large sum has drawn attention and if approved by Judge Rakoff it may be the largest settlement in a securities class action suit ever.