Delaware Judge Says BofA Can Offer $20 Million Lawsuit Settlement For NY Approval -Bloomberg
First Published Friday, 4th May 2012 07:13 pm - © 2012 Dow Jones
Dow Jones NEWSWIRES
A Delaware judge ruled that Bank of America Corp. (BAC) may offer a proposed $20 million shareholder lawsuit settlement, denying a request from a different shareholder group, which had also sued the bank over the purchase of Merrill Lynch, Bloomberg News reported Friday.
The $20 million proposed settlement with plantiffs who sued Bank of America in New York was announced last month. A Delaware plantiff group has opposed that settlement.
Delaware Chancery Court Judge Leo Strine said in a hearing that "I have no confidence that I have the authority to enjoin parties to a federal proceeding," Bloomberg reported.
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