Merrill Lynch Penalized by SEC For Failing to Disclose Conflict of Interest 

(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.

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