FINRA Panel Tells Merrill Lynch To Pay Investor $1.4M

Law360, New York (February 1, 2012, 10:50 PM EST) -- A brokerage unit of Bank of America Corp. subsidiary Merrill Lynch must pay nearly $1.4 million in damages to an investor who claimed the brokerage misled him into purchasing worthless collateralized loan obligations that eventually defaulted, an arbitration panel ruled Tuesday.

Banc of America Securities LLC must pay $1.1 million in rescissionary damages to Nevada investor Bobby L. Hayes, as well as about $250,000 Hayes' attorneys' fees and other legal costs, according to an arbitration award published by the Financial Industry Regulatory Authority.

"A lot of...
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