Updated: October 30, 2012 6:07AM
BofA paying $2 bil.
over Merrill purchase
Bank of America says it will pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch. The lawsuit from 2009 was on behalf of investors that bought or held Bank of America stock when the company announced its plans to buy Merrill Lynch. Among the plaintiffs’ allegations was that Bank of America and some of its officers made false or misleading statements about both companies’ financial health.
FDA warns: Beware
The Food and Drug Administration is warning U.S. consumers that the vast majority of Internet pharmacies are fraudulent and likely are selling counterfeit drugs that could harm them. The agency on Friday launched a national campaign, called BeSafeRx, to alert the public to the danger, amid evidence that more people are shopping for their medicine online, looking for savings and convenience.
$353 mil. in quarter
Walgreens says its fiscal fourth quarter net income tumbled 55 percent compared with a year ago when the drugstore operator recorded a big gain from a business sale. The nation’s largest drugstore chain says it earned $353 million, or 39 cents per share, in this year’s quarter. That’s down from $792 million, or 87 cents per share, a year ago. Excluding one-time items, Walgreens says it earned 63 cents per share. Analysts surveyed by FactSet forecast adjusted earnings of 55 cents per share.