BofA pays $37M to resolve fraud lawsuit

BofA pays $37M to resolve fraud lawsuit

Bank of America Corp has paid Tutor Perini Corp. $37 million to resolve a lawsuit claiming the bank defrauded the construction company by selling it millions of dollars of auction-rate securities it knew were on the brink of collapse. The settlement, disclosed by Tutor Perini in an SEC filing, resolves a lawsuit the Los Angeles-based company filed against Charlotte-based BofA in 2011. A jury trial in the lawsuit had been scheduled for June 19.

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