Bank of America Corp. agreed to pay
Advanta Corp. $63.8 million to settle litigation regarding
FleetBoston Financial Corp.
The payment reimburses Advanta, which was ordered by a judge
to pay FleetBoston $63.7 million earlier this year to compensate
for overpaying for a credit-card unit.
The agreement is subject to the Internal Revenue Service’s
final approval, Advanta said in a statement.
Shares of Spring House, Pennsylvania-based Advanta, which
provides credit-card services to small businesses, rose 63 cents
to $18.90 on the Nasdaq Stock Market.