Merrill Lynch Poised to Further Lose Over Structured Notes Sales
Posted: Wed Aug 31, 2016 3:26 pm
Vernon Litigation Group, a Florida-based law firm specializing in financial fraud cases, is going after Bank of America’s brokerage arm, operated by Merrill Lynch, alleging the non-independent broker-dealer with disclosure failures in selling securities to retail investors.
This claim follows a $10 million settlement that Merrill Lynch entered into with U.S. regulator earlier in June 2016. The SEC and FINRA have collectively levied $15 Million in fines against the firm for failing to disclose material facts in its sales of the so-called strategic return notes that were promoted “as a hedge against potential downturns in the equities markets”.
According to the claim filed ... (read more)