Bank of America Corp. agreed to a $2.43 billion settlement with investors who suffered losses during its acquisition of Merrill Lynch & Co., resolving one of the biggest legal battles to stem from the takeover.
The bank will incur a $1.6 billion litigation expense in the third-quarter, the Charlotte, North Carolina-based company said today in a statement. The firm may post a loss for the period after it said earnings also will be cut by $1.9 billion in pretax valuation adjustments related to credit spreads and a previously disclosed $800 million expense tied to U.K. taxes.
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