May 14, 2012 / 11:29 PM / 7 years ago

No delay in review of $20 million BofA directors' pact

A Bank of America logo can be seen in a bank branch in New York April 28, 2009. REUTERS/Lucas Jackson

(Reuters) - A federal judge on Monday refused to delay the approval process for a controversial $20 million settlement between Bank of America Corp (BAC.N) directors and shareholders who accused the bank of overpaying for Merrill Lynch & Co.

U.S. District Judge Kevin Castel in Manhattan said it is premature for shareholders in a similar lawsuit brought in Delaware Chancery Court to intervene.

These shareholders have complained that the payout is too low, and could erase their claims in the Delaware case.

Reporting by Jonathan Stempel in New York; Editing by Gary Hill

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