Merrill To Pay $2.5M For Missed Securities Discounts

Law360, New York (August 19, 2010, 1:02 PM EDT) -- Merrill Lynch & Co. Inc. has agreed to pay more than $2.5 million in restitution and fines for failing to offer discounts to investors who purchased unit investment trusts.

The Bank of America Corp.-owned brokerage firm will shell out $500,000 in fines to the U.S. Financial Industry Regulatory Authority and turn over $2 million in restitution to customers who didn't receive sales charge discounts when they bought UITs, FINRA announced Wednesday.

The regulator said Merrill’s failure to properly inform customers of the discounts flouted multiple National...
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