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BofA to Pay $315M to Settle Mortgage Suit

Bank of America Corp agreed to pay $315 million to settle claims by investors who said they were misled about mortgage securities offerings by its Merrill Lynch unit.The proposed class-action accord is one of the largest settlements of investor claims against banks over seemingly safe mortgage-backed securities that later proved toxic as credit and housing conditions worsened.It is also the latest step in Bank of America's efforts to address its legal liabilities stemming from its purchases of Merrill in January 2009 and the mortgage lender Countrywide Financial Corp six months earlier.Bank of America is based in Charlotte, North Carolina, and is the second-largest U.S. bank by assets.Lawrence Grayson, a bank spokesman, declined to comment on the settlement. Lawyers for the investors were not immediately available to comment.The settlement resolves claims by investors, led by the Public Employees' Retirement System of Mississippi pension fund, that Merrill misled them about the risks o...

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