NEW YORK (Reuters) – Bank of America Corp’s Merrill Lynch unit must pay more than $15.2 million to thousands of customers who bought Class C mutual fund shares when Class A shares were available at substantially lower costs, a U.S. regulator said on Thursday.
The Financial Industry Regulatory Authority said Merrill did not admit or deny wrongdoing in agreeing to the payout, which includes restitution and interest. No fine was imposed.
(Reporting by Jonathan Stempel in New York)