A Bank of America logo is seen outside a bank branch in Washington, DC, on August 19, 2011. A report Friday indicated the bank will cut 3,500 jobs this quarter as part of a restructuring that could ultimately lead to at least 10,000 total jobs eliminated, a reduction in workforce of 3.5 percent. AFP PHOTO / Saul LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
The lawsuit from 2009 was on behalf of investors that bought or held Bank of America stock when the company announced its plans to buy Merrill Lynch.
Among the plaintiffs allegations was that Bank of America and some of its officers made false or misleading statements about both companies' financial health.
Bank of America denies the allegations and says it agreed to the settlement to get rid of the uncertainties, burden and costs related to the lawsuit.
It has also agreed to adopt create several corporate governance policies. Shares of Bank of America Corp. fell 5 cents to $8.92 in premarket trading Friday.
(Copyright 2012 by The Associated Press. All Rights Reserved.)