WASHINGTON (AP) — Merrill Lynch is paying a $10 million fine to settle civil securities fraud charges by regulators who accused the firm of misusing customers' order data to make trades for its own account and for failing to disclose trading fees.
The Securities and Exchange Commission announced the settlement Tuesday with Merrill Lynch, which was acquired by Bank of America in January 2009 at the height of the financial crisis. Merrill neither admitted nor denied the allegations under the settlement.
