This lawsuit has been in the works since December of 2008 and just reached a settlement at $315 million for inaccurate statements to investors regarding appraisals, debt-to-income ratios and other qualifying factors. This settlement did not come easily with the litigation including a review of over 20 million pages of documents.
Merrill Lynch's explanation for the investor losses are said to be a result of "the overall economic downturn, housing-price declines and reduced liquidity."
Bank of America, based in Charlotte, North Carolina, fell 4 cents to $5.75 at 1:41 p.m. in New York Stock Exchange composite trading.
The lead case is Public Employees' Retirement System of Mississippi v. Merrill Lynch & Co., 08-CV-10841, U.S. District Court, Southern District of New York (Manhattan).
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