(Bloomberg) -- Bank of America Corp.'s Merrill Lynch unit agreed to pay almost $9 million to settle a U.S. regulator's allegations that it failed to disclose a conflict of interest tied to an outside advisory firm.
The conflict arose from products managed by a U.S. unit of a foreign bank, the Securities and Exchange Commission said in a Monday statement. The conflict impacted whether Merrill would continue to offer its clients the products that were managed by the outside firm, the SEC said.
To contact the reporter on this story: Jesse Westbrook in Washington at jwestbrook1@bloomberg.net
To contact the editor responsible for this story: Jesse Westbrook at jwestbrook1@bloomberg.net
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