Business briefing: Bank of America settles lawsuit

Business briefing: Bank of America settles lawsuit

September 29th, 2012 by Associated Press and Staff Report in Business Around the Region

Bank of America settles lawsuit

Bank of America says it has agreed to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch at the height of the financial crisis. In the lawsuit, shareholders alleged that Bank of America and some of its officers made false or misleading statements about both companies' financial health.

The lawsuit was filed on behalf of investors who bought or held Bank of America stock when the company announced its plans to buy Merrill Lynch in a $20 billion deal as the banking industry and federal regulators struggled to contain fallout from the financial crisis in the fall of 2008.

Dolly withdraws from water park

Dolly Parton said Friday she would no longer be involved in a planned water and snow park in Nashville.

Parton's withdrawal from the project comes after shareholders for Gaylord Entertainment, which was to be a partner in the venture, voted on Tuesday to reorganize the company as a real estate investment trust. The new Ryman Hospitality Properties will turn over management of its resort properties to Marriot International on Oct. 1.

Parton first announced plans for the park in January. It was touted as a $50 million venture that would be the first of its kind in the U.S. It was projected to open as early as summer 2014.