In addition to paying $2.4 billion in cash, the bank agreed to make reforms to its corporate governance. The settlement resolves shareholder litigation led by institutional shareholders including the Ohio Public Employees Retirement System. The investors claimed Bank of America failed to disclose information about losses at Merrill Lynch and bonuses paid to Merrill Lynch employees before the brokerage was acquired by Bank of America in January 2009 for $18.5 billion. The case is: In re Bank of America Corp. (BAC) Securities, Derivative and ERISA Litigation, 09-md-2058, U.S. District Court, Southern District of New York (Manhattan).