Aug

Merrill Lynch to Pay $8.9 Million to Settle Conflict-of-Interest Charge

SEC says brokerage mishandled 1,500 accounts through relationship with third party

Merrill Lynch will pay $8.9 million to settle charges it failed to disclose a conflict of interest, the Securities and Exchange Commission said Monday.

The SEC said that Merrill, the brokerage arm of Bank of America Corp., mishandled 1,500 investor accounts through its relationship with a third-party product provider. Investors had about $575 million in the products, managed by a subsidiary of an unnamed foreign multinational bank, the SEC said…

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Merrill Lynch to Pay $8.9 Million to Settle Conflict-of-Interest Charge

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