Merrill Lynch

The company has agreed to pay $3.5 million in fines and another $10 million to New Jersey regulators. The lawsuit claimed the company failed to supervise brokers who engaged in mutual fund market timing in Fort Lee, NJ. Merrill Lynch allegedly ordered the brokers to stop trading shares of Millennium Partners in 2002, but then failed to reasonably supervise these financial advisors. (Mar-08-05) [CBS MARKETWATCH]

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