November 6, 2019 / 2:48 PM / a month ago

Bank of America, Raymond James to pay $12 mln restitution for fund overcharges

Nov 6 (Reuters) - A U.S. regulator said units of Bank of America Corp and Raymond James Financial Inc will pay roughly 12 million in restitution to customers who incurred excess fees on their investments in so-called 529 plans, which are used to encourage saving for educational expenses.

The Financial Industrial Regulatory Authority said Bank of America’s Merrill Lynch unit will pay at least $4 million and the Raymond James units will pay about $8 million. None of the units admitted or denied wrongdoing.

Reporting by Jonathan Stempel in New York Editing by Chizu Nomiyama

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