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Violation Tracker Individual Record

Company: Merrill Lynch & Co.
Current Parent CompanyBank of America
Parent at the Time of the Penalty Announcement subscribe to see this data field
Recap of Ownership Changes subscribe to see this data field
Penalty: $3,458,333,333
Year: 2008
Date: August 21, 2008
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: Merrill Lynch, Goldman Sachs and Deutsche Bank agreed to buy back $10 billion in securities as part of the resolution of multistate litigation alleging they misled customers in the marketing and sale of auction rate securities. The announcement did not specify how much each company would buy back. Here we assume the total was divided evenly between them. They also agreed to pay civil penalties; for Merrill Lynch the amount was $125 million.
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data(click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.