Bank of America Settles Mortgage Suit For $315 Million

alan
December 06, 2011 10:42 AM

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A Bank of America Corp. sign is illuminated outside a branch in Charlotte, North Carolina.

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.