Posted on: Monday, July 5, 2004

Bank of America to pay $69 million to settle suit

Associated Press

CHARLOTTE, N.C. — Bank of America will pay $69 million to settle its part of a massive lawsuit brought on behalf of investors who bought Enron securities, the bank said Friday.

The agreement is subject to approval by a U.S. District Court in Southern Texas.

The bank would make the payment to members of the settlement class, led by the Board of Regents of the University of California system. It consists of everyone who acquired Enron-issued securities between October 1998 and November 2001.

The University of California is the lead plaintiff among large institutional investors in a massive lawsuit against Enron.