Bank Of America Settles Employee Lawsuit

f America Corp. has announced that it will pay $55 million to settle a class-action lawsuit by employees that accused the financial services giant of violating provisions of the Employee Retirement Income Security Act. [link=http://www.bloomberg.com/apps/news?pid=20601103&sid=a7dmQ1anCQtE][u]Bloomberg News[/u][/link] reports that the settlement brings an end to the 2007 lawsuit, in which employees claimed the company caused the value of their retirement plan to drop due to misleading statements about Bank of America's financial well-being. ‘We are settling to avoid the cost and uncertainty of further litigation,’ said Bank of America spokeswoman Shirley Norton in an e-mailed statement to Bloomberg News. ‘There is no admission of wrongdoing or liability on our part.’ A hearing on the request to settle the lawsuit is scheduled for Aug. 31 in U.S. District Court in Los Angeles. SOURCE: Bloomberg

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