Bank of America has agreed to pay $2.4bn to settle a class-action lawsuit over its 2009 acquisition of investment bank Merrill Lynch - one of the four largest legal settlements of its type in history, according to one of the lead plaintiffs.

As well as paying the money, the bank has agreed a series of corporate-governance improvements, including subjecting future M&A decisions to a special board committee and conducting an annual "say on pay" vote for shareholders.