August 20, 2018 / 6:23 PM / a month ago

Merrill Lynch to pay $8.9 mln to settle charges -U.S. SEC

WASHINGTON, Aug 20 (Reuters) - Merrill Lynch’s equity research arm has agreed to pay $8.9 million to settle charges that it failed to disclose its own conflict of interest in advising clients about third-party products, the U.S. Securities and Exchange Commission said on Monday.

The unit — Merrill Lynch, Pierce, Fenner and Smith — agreed to settle the charges “without admitting or denying the findings,” the SEC said in a statement. Merrill Lynch is a division of Bank of America Corp. (Reporting by Susan Heavey; Editing by Lisa Shumaker)

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