FINRA, the Financial Industry Regulatory Authority announced that it fined two firms $2.15 million and ordered the firms to pay more than $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds. Floating-rate bank loan funds are mutual funds that generally invest in a portfolio of secured senior […]

 In a November 15th., 2011, Bloomberg Businessweek article they write that a unit of JPMorgan Chase & Co. was ordered to reimburse investment customers more than $1.9 million and was fined $1.7 million over how it sold unit investment trusts and floating-rate loan funds. FINRA, the Financial Industry Regulatory Authority announced the settlement on Tuesday after […]