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Merrill Lynch to reimburse customers $1.5 million over avoidable fees

Finra finds registered representatives at the wirehouse giant made unsuitable recommendations to over 1,300 clients across more than 2,000 accounts.

Merrill Lynch has been ordered to reimburse customers approximately $1.5 million due to supervisory lapses that led to avoidable fees on more than 2,000 accounts.

In an AWC published Monday, Finra stated that from January 2018 until June 2022, Merrill Lynch's representatives had advised customers

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