Bank of America's (BAC) board has reached a $62.5 million settlement of a lawsuit that stems from the bank's purchase of Merrill Lynch in 2009.

The agreement, which was approved Friday by U.S. District Judge Kevin Castel in Manhattan, resolves claims by at least four pension funds that the bank's directors and officers withheld information about a falloff in Merrill's financial condition before asking shareholders to approve the deal.

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