Merrill Lynch will pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions, the Financial Industry Regulatory Authority (FINRA) announced.
In settling this matter, Merrill Lynch neither admitted nor denied the charges, but consented to the entry of FINRA’s findings. “Ensuring that harmed customers receive restitution is our highest priority, and we will take a firm’s determination to proactively provide restitution into account when assessing sanctions,” Jessica Hopper, executive vice president and head of FINRA’s Department of Enforcement, said in a press release.
