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[$$] Bank of America to Pay $15 Million to Settle Claims that Traders Cheated Customers

WASHINGTON—Bank of America Merrill Lynch will pay over $15 million to settle claims that its traders lied about how much they paid to acquire mortgage bonds, allowing the bank to charge a higher price to clients buying securities. A U.S. appeals court last month tossed out the conviction of former Jefferies Group LLC trader Jesse Litvak, who was accused of cheating customers out of $2 million by inflating prices he said he paid for residential mortgage-backed bonds.