Former brokers of Bank of America Corp.'s Merrill Lynch & Co. unit asked a federal judge to approve a $40 million settlement in a lawsuit over deferred compensation, Bloomberg News reported on Friday. Charles McCallum, a lawyer for the brokers, told U.S. District Judge Alison Nathan on Friday that the proposed settlement would cover more than 1,400 people. The judge said she will rule later on preliminary approval. The lawsuit, filed by Scott Chambers and John Burnette, relates to Bank of America's 2009 purchase of the investment firm. The brokers alleged in their complaint that they were entitled to cash distributions stemming from a change in control of Merrill Lynch.
