Ohio AG applauds Bank of America settlement

COLUMBUS (AP) — Ohio Attorney General Mike DeWine says two public pension funds in the state will receive an estimated $20 million as part of a settlement with Bank of America.

Bank of America said today it has agreed to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch at the height of the financial crisis.

Lead plaintiffs in the case included the State Teachers Retirement System of Ohio and the Ohio Public Employees Retirement System.

Among the plaintiffs’ allegations was that Bank of America and some of its officers made false or misleading statements about both companies’ financial health.

Bank of America denies the allegations and says it agreed to the settlement to get rid of the uncertainties, burden and costs related to the lawsuit.