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Merrill, Wells Fargo Slapped With $19.5M In Fines

Law360 (December 19, 2005, 12:00 AM EST) -- The National Association of Securities Dealers has taken action against three investment banks accused of suitability and supervisory violations, levying $19.5 million in fines in a continuing investigation into improper mutual fund sales practices.

Merrill Lynch will pay $14 million, Wells Fargo was fined $3 million, and Linsco/Private Ledger Corporation will pay $2.4 million for selling Class B and C mutual funds when Class A funds would have benefited investors more.

In addition to the fines, the three firms were ordered to contact all affected shareholders...
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