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SEC, Merrill Settle Pension Conflict Probe For $1M

Law360 (February 2, 2009, 12:00 AM EST) -- Merrill Lynch & Co. Inc. has agreed to a $1 million penalty and a U.S. Securities and Exchange Commission censure to settle charges that the global investor hid conflicts of interest from its pension fund consulting clients.

On Friday, the SEC settled charges that Merrill Lynch program Merrill Lynch Consulting Services concealed the revenue it received for advising pension fund consulting clients to use directed brokerage. That practice often benefits pension fund advisers and presents conflicts of interest.

The SEC also made similar allegations against two...
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