Tuesday, November 21, 2017
Business

Judge approves $2.4B Bank of America shareholder settlement

RECOMMENDED READING


NEW YORK — A New York judge on Friday approved Bank of America's $2.43 billion settlement of a class-action lawsuit brought by shareholders over the company's acquisition of former competitor Merrill Lynch.

Judge Kevin Castel of the U.S. District Court for the Southern District of Manhattan approved the settlement, which addresses allegations that Bank of America did not disclose the state of its finances or those of Merrill Lynch when it agreed to buy Merrill in September 2008.

Bank of America said in September that it rejected the allegations and was agreeing to the settlement to end the uncertainties, burden and costs associated with the lawsuit.

The Charlotte, N.C., company agreed to buy Merrill Lynch for $20 billion in stock at the height of the financial crisis. The deal was struck the same weekend that Lehman Brothers collapsed. Bank of America later disclosed that Merrill Lynch was going to take $27.6 billion in losses that year. Bank of America later asked for a $20 billion bailout from the federal government to help counteract those losses.

Bank of America still faces a civil fraud lawsuit that accuses the company and former CEO Kenneth Lewis of failing to disclose the Merrill losses and bonuses before the acquisition closed.

Comments
A new threat this shopping season: toys that can spy on kids

A new threat this shopping season: toys that can spy on kids

ST. PETERSBURG — Not all sinister toys are as obvious as a Chucky doll. Many present more subtle threats — choking hazards, high lead content, privacy concerns. And as the biggest shopping season of the year kicks off, consumer advocates are urging s...
Updated: 1 hour ago
Indian automaker plant is latest sign of Detroit comeback

Indian automaker plant is latest sign of Detroit comeback

It has been years since Detroit, birthplace of the American auto industry, was a steady producer of the manufacturing jobs that defined it as the Motor City. But its comeback is entering a new phase.The latest milestone came this week, with the annou...
Updated: 2 hours ago
Big Tobacco’s anti-smoking ads begin after decade of delay

Big Tobacco’s anti-smoking ads begin after decade of delay

Associated PressWASHINGTON — Decades after they were banned from the airwaves, Big Tobacco companies return to prime-time television this weekend — but not by choice. Under court order, the industry for the first time will be forced to advertise the ...
Updated: 2 hours ago
Ybor ’s first public school, long gone, still has a story to tell about district’s history

Ybor ’s first public school, long gone, still has a story to tell about district’s history

TAMPAIt’s been more than a century since Ybor City’s first public school was demolished on the plot of land now identified as 1311 E Eighth Ave.For the past 22 years, the popular concert venue New World Brewery took up the space and one next door. No...
Updated: 2 hours ago
Barricades reinforce security for holiday events on St. Petersburg’s downtown waterfront

Barricades reinforce security for holiday events on St. Petersburg’s downtown waterfront

ST. PETERSBURG — World and national tragedies are changing the city’s approach to security for special events at North Straub Park.With the approach of the holidays, concrete barricades have been erected at a section of the park’s perimeter, where Fo...
Updated: 3 hours ago
Copa Airlines to fly daily nonstop from Tampa to Panama next summer

Copa Airlines to fly daily nonstop from Tampa to Panama next summer

TAMPA — Panama’s Copa Airlines, which four years ago became the first airline to offer service between Panama and Tampa Bay, said it is increasing its nonstop service between Tampa International Airport and Panama City to daily flights starting in Ju...
Updated: 8 hours ago
Irma did not stop tourists from setting record visits to Florida so far in 2017

Irma did not stop tourists from setting record visits to Florida so far in 2017

Despite Hurricane Irma, Florida hit another record high number in tourists visiting the state in the first nine months of this year, according to figures released this week.Visit Florida, the state’s tourism bureau, said 88.2 million visitors came to...
Updated: 9 hours ago
FCC chairman unveils proposal to repeal net neutrality

FCC chairman unveils proposal to repeal net neutrality

WASHINGTON — Federal Communications Commission Chairman Ajit Pai on Tuesday followed through on his pledge to repeal 2015 regulations designed to ensure that internet service providers treat all online content and apps equally, setting up a showdown ...
Updated: 9 hours ago
Crime Stoppers, Straz Foundation still working out Seminole Heights reward money

Crime Stoppers, Straz Foundation still working out Seminole Heights reward money

TAMPA — You can collect $110,000 in reward money for information leading to an arrest in the Seminole Heights killings, but for now you’ll have to make two stops.The David A. Straz Foundation announced Monday it would contribute $10,000 to a reward f...
Published: 11/21/17
Hurricane Irma hurt some Tampa Bay home sales even in October

Hurricane Irma hurt some Tampa Bay home sales even in October

Pinellas County home sales took another hurricane-related hit in October as the rest of the Tampa Bay area bounced back from Hurricane Irma.But while prices in all four counties rose once again, the rate of increase continues to slow. Hillsborough’s...
Updated: 8 hours ago