Merrill Lynch, Bank of America’s largest investment advisory unit, agreed to pay about $9.7 million to settle Securities and Exchange Commission allegations that it didn’t properly disclose a foreign-exchange fee to some of its clients.
The SEC said Merrill charged clients more than $4 million in undisclosed fees between 2016 and 2020. The firm didn’t admit or deny the SEC’s allegations. In a statement, Bank of America said that it had updated its disclosures.
Photographer: David Paul Morris/Bloomberg
Merrill charged an additional fee when conducting foreign currency exchanges for clients, according to the SEC. The Merrill Wealth Management line of business oversees …
