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Merrill Pays $7M To Settle Squawk Box Charges

Law360 (March 11, 2009, 12:00 AM EDT) -- Merrill Lynch & Co. has agreed to a $7 million settlement with the U.S. Securities and Exchange Commission, putting to rest charges that the firm had insufficient policies for controlling access to information about institutional customer orders transmitted over “squawk boxes.”

As part of the settlement, Merrill does not admit or deny the SEC’s allegations, but has agreed to pay the $7 million penalty, and has said the firm will put in place new procedures to protect customer order information transmitted through squawk boxes.

“Squawk boxes,”...
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