BofA to pay $315 million settlement for Merrill Lynch unit

Proposed class action deal is one of the largest ever related to mortgage-backed securities

Unfortunately for Bank of America (BofA), the excuse of leaving its wallet in El Segundo was taken more than 20 years ago.

The bank agreed to a $315 million settlement with investors who claim they were bilked over mortgage-backed securities offered by its Merrill Lynch unit. According to reports, the proposed class action deal is one of the largest-ever settlements of investor claims against banks related to toxic mortgage-backed securities.

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