{"id":5621,"date":"2014-06-17T00:00:00","date_gmt":"2014-06-17T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/06\/finra_orders_merrill_lynch_to"},"modified":"2022-05-05T15:31:19","modified_gmt":"2022-05-05T20:31:19","slug":"finra-orders-merrill-lynch-to-2","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-orders-merrill-lynch-to-2\/","title":{"rendered":"FINRA Orders Merrill Lynch to Repay $89M in Restitution, $8M Fine for Excessive Mutual Fund Fees for Charities, Retirement Accounts"},"content":{"rendered":"\n

FINRA says Bank of America (BAC) Merrill Lynch<\/a> failed to waive mutual fund sales charges for a number of retirement accounts and charities. Now the wirehouse must pay as restitution $89 million and a fine of $8 million. The firm settled without denying or admitting to the findings.<\/p>\n

The majority of mutual funds with the firm\u2019s retail platform are supposed waive specific fees for charities and retirement plans that qualify for this consideration. However, Merrill Lynch neglected to ensure that its advisers were correctly implementing these waivers. This impacted 41,000 accounts.<\/p>\n

The SRO says that from about \u201906 \u2013 \u201911, firm advisers put tens of thousands of accounts into certain funds, including Class A mutual fund shares, and promised to waive specific sales charges for charities and retirement accounts. It then did not act to ensure that all of the fees were actually waived.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

FINRA says Bank of America (BAC) Merrill Lynch failed to waive mutual fund sales charges for a number of retirement accounts and charities. Now the wirehouse must pay as restitution $89 million and a fine of $8 million. The firm settled without denying or admitting to the findings. The majority of mutual funds with the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3752,3739,3776,3800],"tags":[],"class_list":["post-5621","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms","category-finra","category-finra-settlements","category-merrill-lynch"],"yoast_head":"\nFINRA Orders Merrill Lynch to Repay $89M in Restitution, $8M Fine for Excessive Mutual Fund Fees for Charities, Retirement Accounts — Investor Lawyers Blog — June 17, 2014<\/title>\n<meta name=\"description\" content=\"FINRA says Bank of America (BAC) Merrill Lynch failed to waive mutual fund sales charges for a number of retirement accounts and charities. 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