Merrill Lynch, a unit of Bank of America Corp., may not entirely do away with its commission-based retirement accounts, after Trump ordered the Labor Department last month to delay the proposed retirement-savings rule.
Former Merrill Lynch advisers who were fired after Bank of America merged with the brokerage in 2008 won back some of the deferred compensation on which they had missed out, according to a settlement filed this week in a North Carolina district court.
Massachusetts’ top securities regulator on Monday said that he has fined Bank of America’s Merrill Lynch unit $2.5 million for failing to stick to its own compliance rules.
