Merrill To Pay $7 Million In 'Squawk Box' Case

Merrill To Pay $7 Million In 'Squawk Box' Case

Merrill Lynch has agreed pay $7 million to settle charges that the firm failed to control information regarding its institutional customer order flow, inappropriately allowing traders to listen to its "squawk box" broadcasts, the Securities and Exchange Commission said on Wednesday.

Merrill Lynch also agreed to a censure and to take action to protect customer order information, the SEC said. In reaching the settlement, the firm didn't admit or deny the allegations.

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