Bank of America Corp agreed to pay $7.23 million in restitution and interest to settle a U.S. regulator's accusations that it overcharged customers on mutual funds.
FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri/File Photo
The Financial Industry Regulatory Authority said on Thursday that the accord resolves charges that defective procedures at the bank’s Merrill Lynch unit caused customers holding 13,328 accounts to incur unnecessary sales charges and fees from April 2011 to April 2017.
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