Bank of America, which acquired Countrywide Financial, will pay $55 million to settle a class-action lawsuit by its employees who accused the mortgage lender of misleading them about its financial health and causing the value of their retirement plan to drop.

The settlement is “fair, reasonable and adequate,” lawyers for the workers said in an Aug. 7 request for preliminary approval filed in federal court in Los Angeles. A hearing on the request is scheduled for Aug. 31.