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Bank of America’s Merrill Lynch to pay $15.2 million to mutual fund customers -Breaking

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© Reuters. FILE PHOTO: Girl holds U.S. greenback banknotes on this illustration taken Might 30, 2022. REUTERS/Dado Ruvic/Illustration

NEW YORK (Reuters) – Financial institution of America Corp (NYSE:)’s Merrill Lynch unit should pay greater than $15.2 million to hundreds of consumers who purchased Class C mutual fund shares when Class A shares have been out there at considerably decrease prices, a U.S. regulator stated on Thursday.

The Monetary Trade Regulatory Authority stated Merrill didn’t admit or deny wrongdoing in agreeing to the payout, which incorporates restitution and curiosity. No high quality was imposed.

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