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[$$] Merrill Lynch pays more than $15m in RMBS settlement

Jessica Dye in New York

Merrill Lynch employees allegedly duped customers into overpaying by deceiving them about how much the RMBS had cost, according to the SEC’s order. Merrill was accused of failing to properly supervise its staff. Merrill Lynch neither admitted nor denied the findings but agreed to be censured and pay a $5.2m penalty, along with $10.5m in disgorgement and interest to customers whose transactions were at issue in the SEC’s order.