Wells Fargo and Merrill Lynch will pay $35 million and $25 million, respectively, to settle allegations by the Securities and Exchange Commission (SEC) that their handling of investment accounts’ cash sweep programs violated federal law.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...