Charlotte, N.C.-based NationsBank Corp. reached an agreement Friday with the Florida's Comptroller's Office resolving complaints about questionable investment sales practices by its Barnett Banks subsidiary.
Under a memorandum of understanding, the bank will reimburse the state $75,000 for the cost of its investigation. The probe began in 1993, following customer complaints about Barnett Investments Inc.'s sales practices.
Friday's agreement also calls for the bank to donate $75,000 to the Florida Council on Economic Education for its statewide Florida Investor Education Program. It also agreed to set up a dispute resolution process.
Jonathan Alpert, of the Tampa, Fla., law firm of Alpert, Barker & Calking, said the size of the settlement is not important. "It's a recognition that the customers didn't swindle themselves," said Mr. Alpert, who has filed a class action against Barnett on behalf of some its customers.
Mr. Alpert said Friday's agreement will likely help his case, which remains before both federal and state courts.
NationsBank bought Barnett Banks for $15.5 billion in January.