Bank of America, Raymond James to pay $12 million restitution for fund overcharges

(Reuters) – A U.S. regulator said units of Bank of America Corp (N:) and Raymond James Financial Inc (N:) will pay roughly 12 million in restitution to customers who incurred excess fees on their investments in so-called 529 plans, which are used to encourage saving for educational expenses.

The Financial Industrial Regulatory Authority said Bank of America’s Merrill Lynch unit will pay at least $4 million and the Raymond James units will pay about $8 million. None of the units admitted or denied wrongdoing.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.