Merrill Lynch Pierce Fenner & Smith has been censured and fined $1 million for its failure to arbitrate disputes with its employees over retention bonuses.
The fine was part of a settlement with Merrill Lynch announced by the Financial Industry Regulatory Authority (FINRA) on Jan 25. A full-service broker-dealer with its principal offices located in New York, Merrill Lynch has been a FINRA member firm since 1937. The firm employs over 31,000 registered brokers and maintains over 1,200 branch offices.
FINRA said Merrill Lynch im...
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