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 […]

FINRA announced Thursday that Bank of America Merrill Lynch was fined $2.8 million  for supervisory lapses that led to its overcharging customers $32 million for the past eight years. According to the Financial Industry Regulatory Authority Inc. (FINRA) and the Bank of America Corp., Merrill Lynch has repaid 95,000 customers who were charged unwarranted fees due to computer coding issues […]