Bank of America has agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.
The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.
The class action lawsuit was led by the Public Employees' Retirement System of Mississippi pension fund.
The settlement represents another attempt by Charlotte, N.C.-based Bank of America (BAC) to put its legal issues behind it. Just in the first half of the year, the bank put up $12.7 billion to settle similar claims from different groups of investors.
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