WASHINGTON (Reuters) – Merrill Lynch’s equity research arm has agreed to pay $8.9 million to settle charges that it failed to disclose its own conflict of interest in advising clients about third-party products, the U.S. Securities and Exchange Commission said on Monday.
The unit — Merrill Lynch, Pierce, Fenner and Smith — agreed to settle the charges “without admitting or denying the findings,” the SEC said in a statement. Merrill Lynch is a division of Bank of America Corp (N:).
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