Merrill Lynch will pay a fine of $8 million for failing to waive mutual fund sales charges to approximately 41,000 small-business retirement plan accounts and 6,800 plans for charities, ministers and public-school workers. 

The Financial Industry Regulatory Authority also ordered Merrill Lynch, a unit of Bank of America, to pay $24.4 million in restitution to affected investors, in addition to $64.8 million already made in payments to aggrieved clients.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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