BofA to Pay $37 Million in Maxwell Case: The San Francisco-based bank agreed to settle claims from a pension plan looted by the late publisher Robert Maxwell. Trustees for the pension plan of the Mirror Group newspaper company, which Maxwell once controlled, had been seeking $56 million each from Bank of America and Zurich-based Credit Suisse. BofA had acted as custodian for stocks held by the pension plans and passed them along to Credit Suisse as security for loans made to Maxwell’s private businesses. BofA admitted no wrongdoing in agreeing to the settlement.
From Times Staff and Wire Reports