Detroit-based Comerica Inc. said Wednesday it had settled a lawsuit brought by First of Michigan after the banking company backed out of an agreement to buy the brokerage.

Both sides refused to say if the settlement included a financial payout. The agreement comes four months after First of Michigan shareholders filed a $16 million class action charging that Comerica had breached an agreement to go forward with a $45 million stock-swap acquisition announced in March 1993.

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