Small businesses that are customers of Merrill Lynch may be due for a refund if they invested in a mutual fund:

(via: NYTimes.com) The Financial Industry Regulatory Authority (FINRA) has ordered Merrill Lynch to pay more than $32 million over mutual fund sales fees it charged about 41,000 small businesses and 6,800 charities since at least January 2006.

Quote:

FINRA does not assert that the bank overcharged its customers deliberately. Instead, the group said that the firm did not properly educate its staff about which discounts were available to customers, and did not have enforcement in place to ensure that the rules were being followed.

Continue reading on NYTimes.com Dealbook: “Merrill Lynch to Pay More than $32 Million for Overcharging Clients

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