Bank of America Corp. won court approval of a $150 million settlement with the Securities and Exchange Commission over alleged misstatements about its purchase of Merrill Lynch & Co.

U.S. District Judge Jed S. Rakoff in New York said Monday that he "reluctantly" approved the settlement of two suits in which the agency said Bank of America misled investors after announcing it would acquire Merrill Lynch.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.