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Bank of America's Merrill Lynch to pay $8.9M in SEC settlement

Aug. 20, 2018 2:40 PM ETBank of America Corporation (BAC) StockBACBy: Liz Kiesche, SA News Editor18 Comments
  • Bank of America's (BAC +0.1%) Merrill Lynch will pay about $8.9M to settle charges that it failed to disclose a conflict of interest relating to the way it decided on whether to continue to offer clients products managed by an outside third-party advisory firm, the U.S. Security and Exchange Commission reports.
  • “By failing to disclose its own business interests in deciding whether certain products should remain available to investment advisory clients, Merrill Lynch deprived its clients of unbiased financial advice,” said Marc P. Berger, director of the SEC’s New York regional office.
  • Without admitting or denying the SEC charges, Merrill agreed to pay $4M in disgorgement, almost $807,00 in prejudgment interest, and a more than $4M penalty.
  • Previously: Citigroup settles SEC charges on books, records violations, inadequate controls (Aug. 16)

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