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Bank of America (NYSE:BAC) announced that it, and some of its current and former officers and directors, have agreed to settle a class action lawsuit that began in 2009 on behalf of investors who purchased or held Bank of America securities when the company announced its intentions to acquire Merrill Lynch. Beneath the proposed settlement’s terms, Bank of America is to pay $2.43 billion along with instituting particular corporate governance policies. Plaintiffs claimed that Bank of America and certain officers made false or misleading statements in regards to the financial health of Bank of America and Merrill Lynch. Bank of America claims that the allegations are false and is entering into this settlement as a means to diminish the uncertainties, burden, and expense of further protracted litigation. The proposed settlement is to be reviewed by Judge Kevin Castel in the United States District Court for the Southern District of New York, where the class action is pending. The amount to be paid beneath the proposed settlement will be covered by a combination of Bank of America’s existing litigation reserves and incremental litigation expense which is to be recorded during Q3 of 2012. The company believes that the total litigation expense will total nearly $1.6 billion for the three months, which ends on September 30, 2012, including incremental costs of the related settlement above previous accruals and other litigation-related items.
Apple Inc. (NASDAQ:AAPL): Apple CEO Tim Cook said, “At Apple, we strive to make world-class products that deliver the best experience possible to our customers. With the launch of our new Maps last week, we fell short on this commitment.” Cook stated that customers should try alternatives by downloading map apps from the App Store such as Bing, MapQuest, and Waze, or even use Google (NASDAQ:GOOG) or Nokia (NYSE:NOK) maps, as Apple attempts to improve its service.
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AT&T, Inc. (NYSE:T) announced today that it is to be the exclusive carrier of the new MiFi® Liberate, which is the first mobile hotspot with a touchscreen display. The device was developed by Novatel Wireless (NASDAQ:NVTL), and is to be powered by the nation’s largest 4G network. The MiFi Liberate has a 2.8″ color touchscreen display, making it far easier to use. Customers are able to easily connect as many as 10 Wi-Fi devices, view data usage, manage connected devices, change network and device settings, etc.
Nokia Corporation (NYSE:NOK) plans to launch the new Lumia 820 and 920 devices during November in particular European markets, according to the Wall Street Journal. The new phones are to run on Microsoft’s (NASDAQ:MSFT) new Windows 8 operating system.
Cisco (NYSE:CSCO) announced that its acquisition of start-up company ThinkSmart Technologies, used to develop location analysis solutions via Wi-Fi technology. The deal’s terms have not been revealed.
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