Bank of America Corp. directors’ $20 million settlement of investor lawsuits over the purchase of Merrill Lynch & Co. is inadequate given the billions of dollars of harm the deal caused, objectors to the accord said.
Bank of America Corp., the biggest U.S. lender by assets, will likely lose that distinction as Chief Executive Officer Brian T. Moynihan partly dismantles the money-losing empire built by his predecessor.
Brian T. Moynihan, who has compared cleaning up Bank of America Corp.’s mortgage mess to lugging a backpack up a mountain, today posted his fourth quarterly loss since he became chief executive officer.
At Bank of America Corp. , where the company’s home-price forecasts have proved too good to be true, billions of dollars of new losses are at stake along with the credibility of Chief Executive Officer Brian T. Moynihan .
Bank of America Corp. agreed to pay $2.43 billion to investors who suffered losses during its acquisition of Merrill Lynch & Co. in the largest settlement yet of a class-action shareholder lawsuit stemming from 2008’s financial crisis.