(Reuters) – Merrill Lynch must pay a $2.8 million fine for overcharging customers $32 million in fees, among other things, Wall Street’s industry-funded regulator said on Thursday. The Financial Industry Regulatory Authority alleged that Merrill Lynch, part of Bank of America Corp did not have an adequate supervisory system in place between April 2003 and December 2011 to ensure customers were billed properly, according to a settlement document in the case. About 95,000 customer accounts were overcharged as a result, the regulator said. …
FINRA fines Merrill $2.8 million for excess fees
Posted by admin on June 21st, 2012
Posted in Business News 
