Bank of America unit to pay $11.7 million to settle charges over unit investment trusts
(Reuters) - Bank of America Corp's Merrill Lynch unit agreed to pay nearly $11.7 million in fines and restitution related to excessive sales charges and supervisory failures involving unit investment trusts, a U.S. regulator said on Friday.
The payout includes a $3.25 million fine and $8.44 million of restitution, according to an order from the Financial Industry Regulatory Authority. Merrill Lynch did not admit or deny wrongdoing in agreeing to settle.
(Reporting by Jonathan Stempel in New York)
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