Merrill Lynch plans to reimburse by December 20 about $11 million to some 20,000 buyers of mutual funds it overcharged, according to the New York Times, citing people at the brokerage firm. After regulators began an industry-wide investigation into fund sales practices, Merrill analyzed more than a million purchases of Class A shares of mutual funds made since January 2001, and found that customers did not receive the right discounts in about 70,000 cases. The average reimbursement for those overcharges, including interest, will be about $145, according to the report.
Merrill Lynch To Pay $20 Million To Overcharged Mutual Fund Investors
Merrill Lynch plans to reimburse by December 20 about $11 million to some 20,000 buyers of mutual funds it overcharged, according to the New York Times, citing people at the brokerage firm. After regulators began an industry wide investigation into
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