Bank of America has agreed to pay $150 million to settle a class action suit accusing Merrill Lynch of issuing misleading prospectuses in 2006 and 2008
Judge Jed Rakoff granted preliminary approval on Friday but it was only made public today. Rakoff has scheduled a November 23 hearing to grant final approval.
The lead plaintiff were two Louisiana pension funds, the Louisiana Sheriffs’ Pension and Relief Fund and the Louisiana Municipal Police Employees’ Retirement System.
Rakoff is the judge who refused to approve a settlement between Bank of America and the SEC stemming from bonuses paid to Merrill Lynch executives after the two firms agreed to merge. That case continues.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.