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Violation Tracker Individual Record

Company: Merrill Lynch, Pierce, Fenner & Smith Incorporated
Current Parent Company: Bank of America
Penalty: $11,500,000
Year: 2012
Date: June 12, 2012
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: investor protection violation
Violation Description: Merrill Lynch agreed to pay $11.5 million to resolve litigation alleging it inappropriately invested funds deposited in a funeral trust. This was in addition to $25.9 million it previously paid to the Illinois Secretary of State in the same matter (see separate entry).
Level of Government: federal
Action Type: private litigation
Court: Southern District of Illinois
Civil or Criminal Case: civil
Case ID: 3:09cv390
Case Name: Tipsword v. I.F.D.A. Services, Inc. et al
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.