September 28, 2012
Here's a quick look at a few of the headlines making news this morning.
Bank of America OKs $2.43 billion settlement
Bank of America (NYSE: BAC ) has agreed to pay $2.43 billion to settle a class action lawsuit brought in 2009 by investors who owned Bank of America securities at the time it announced plans to acquire Merrill Lynch, the company announced today. It will also "institute certain corporate governance policies."
Bank of America denies the plaintiffs' allegations that it made false or misleading statements about the financial health of Bank of America and Merrill Lynch and is entering the settlement to "eliminate the uncertainties, burden and expense of further protracted litigation," B of A said. The settlement needs to be approved by the court before it goes ahead.
Consumer spending growth outpaces income growth
Personal income grew 0.1% in August but spending increased 0.5%, according to figures released today by the Bureau of Economic Analysis. This follows a 0.4% increase in spending in July, no increase in June, and a 0.2% decrease in May. Real disposable income decreased 0.3% in August, compared to a 0.1% increase in July. Real personal consumption expenditures increased 0.1% in August.
Cook apologizes for Maps problems
Apple (Nasdaq: AAPL ) CEO Tim Cook has apologized to Maps users and says the company is working to improve the tool. "We are extremely sorry for the frustration this has caused our customers and we are doing everything we can to make Maps better," Cook said in a statement posted on the Apple website. In just over a week, Apple Maps users have searched for nearly half a billion locations, Cook said. "The more our customers use our Maps the better it will get and we greatly appreciate all of the feedback we have received from you," he said. For those who want an alternative, Cook's suggestions included MapQuest and Waze and Google and Nokia maps