Bloomberg News reports that about 6,800 retirement plans for charities, ministers and public-school workers and 41,000 for small businesses paid purchase charges for mutual funds when none was required from 2006 to 2011, according to the Financial Industry Regulatory Authority.
While Merrill Lynch discovered the improper charges in 2006, it didn’t inform Finra until 2011, according to settlement papers released Monday.
Bank of America inherited an array of legal and regulatory disputes with takeovers of Merrill Lynch and Countrywide Financial during the financial crisis. Chief Executive Officer Brian T. Moynihan, whose tenure started in 2010, has set aside more than $55bn for mortgage-related issues alone. Merrill Lynch was acquired by Bank of America in 2009.
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