A US regulator said on Thursday that Bank of America Corp’s (BAC.N) Merrill Lynch business must pay more than $15.2 million to thousands of clients who acquired Class C mutual fund shares while Class A shares were available at far cheaper pricing.
Merrill Lynch is a Bank of America investment management and wealth management company that operates in prime brokerage and broker-dealer operations, together with BofA Securities, the investment banking arm.
Merrill did not confirm or deny wrongdoing in agreeing to the compensation, which includes restitution and interest, according to the Financial Industry Regulatory Authority.
There was no penalty assessed.
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