Merck & Co., Inc. (MRK), Bristol Myers Squibb Co. (BMY): Dow Beats Initial June Swoon

Banks are headed lower this morning, with Bank of America Corp (NYSE:BAC) leading the laggards with a 3.07% drop this morning. Today is the big day for B of A as it heads back into the courtroom for a hearing on its $8.5 billion settlement with investors. The court will determine if the settlement is approved or rejected. If it’s rejected, the bank could potentially be on the hook for $60 billion. Though the settlement is supported by investors like BlackRock, Inc. (NYSE:BLK) and Goldman Sachs Group, Inc.(NYSE:GS), opposition is coming from American International Group Inc(NYSE:AIG), which has stated that the settlement is too small for the outstanding claims against the bank. American International Group Inc(NYSE:AIG) has a separate case against Bank of America Corp (NYSE:BAC) in the courts, with a $7 billion claim based on losses from insured mortgage-backed securities.

The article Dow Beats Initial June Swoon originally appeared on Fool.com.

Fool contributor Jessica Alling has no position in any stocks mentioned — you can contact her here. The Motley Fool recommends American International Group (NYSE:AIG). The Motley Fool owns shares of American International Group and Bank of America and has the following options: Long Jan 2014 $25 Calls on American International Group.

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