The $675 million price tag agreed to by new partners Bank of America and FleetBoston to settle charges in the mutual fund scandal was extremely high, but the companies agreed that expeditious handling of the charges were paramount to closing their merger, a vice chairman of BoA said in a recent CNBC interview.

"Was it a little higher than we wanted?" Vice Chairman Jim Hance asked. "Of course, way higher than we wanted. But we also think it was the right thing to do to get it behind it so we could focus on our company going forward."

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