Current Weather
The Spy FM

Bank Of America To Pay $2.43 Billion To Settle Class Action Lawsuit

Filed by KOSU News in Business.
September 28, 2012

While denying it did anything wrong, Bank of America announced this morning it will pay “$2.43 billion and institute certain corporate governance policies … to settle a class action lawsuit brought in 2009 on behalf of investors who purchased or held Bank of America securities at the time the company announced plans to acquire Merrill Lynch.”

Reuters reminds us that “plaintiffs had alleged, among other claims, that Bank of America and certain of its officers made false or misleading statements about the financial health of Bank of America and Merrill Lynch.”

In 2009, Ohio Public Radio’s Jo Ingles reported on the suit for All Things Considered. Back then, Ohio State University law professor Paul Rose predicted that BofA would eventually settle. “You’ll see a settlement often coupled with some sort of corporate governance change or something that they feel is really important,” he said.

In its most recent earnings report, BofA said it had net income of $2.5 billion in second-quarter 2012. But a year ago, as NPR’s Chris Arnold reported, it was struggling to restore investors “lost faith”: “How Bank Of America Lost Its Balance.” [Copyright 2012 National Public Radio]

Leave a Reply

9PM to 12AM The Night Shift

The Night Shift

All of our hosts live and breathe the lifestyle of their music genre, but none define it like David Goad, host of the Darkwave show, The Night Shift. He has a degree in guitar performance from the Academy of Contemporary Music at the University of Central Oklahoma and is the lead vocalist for two bands, Of the Tower and Kali Ra.

Listen Live Now!

12AM to 5AM The Spy

The Spy

An eclectic mix of the Spy's library of more than 10,000 songs curated by Ferris O'Brien.

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center