The plaintiffs of some 166 of the 221 cases filed against Merrill Lynch & Co. since January 1, 2009 are alleging securities fraud-related violations. This means that Bank of America Corp, which acquired the broker-dealer at the beginning of the year, has assumed responsibility for the outcome of these civil…
The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have each began their own investigations into the sales and marketing practices of certain collateralized mortgage obligations (CMOs), FINRA sent more than 12 broker-dealers a sweeps letter requesting more information about: the sales of principals only, interest…