Bank of America to Pay $39M Settlement Over Retirement Account Interest Rates

Key Facts

1Bank of America's Merrill Lynch unit agreed to pay $39 million to settle a class action lawsuit regarding near-zero interest rates.

2The lawsuit claims the bank paid near-zero interest rates instead of market rates on idle cash in retirement accounts.

Bank of America's Merrill Lynch unit agreed to pay $39 million to settle a class action lawsuit regarding near-zero interest rates. Reuters reported that the lawsuit claims the bank paid interest rates close to zero instead of market rates on idle cash held in customer retirement accounts.

BAC closed at $54.96 on September 29, 2026, with a daily range between $54.73 and $55.55. In the broader banking sector, JPM closed at $332.7515 on September 30, 2026, while WFC closed at $80.5 and C closed at $130.8 on September 29, 2026.