Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Merrill Lynch & Co. Inc.
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: $100,000,000
Year: 2002
Date: December 20, 2002
Offense Group: financial offenses
Primary Offense: investor protection violation
Mega-ScandalBrokerage House Conflicts of Interest
Violation Description: Ten major brokerage houses agreed to take steps to address conflicts of interest in their securities research work and pay $1.3 billion in penalties to settle multistate litigation. The penalties were also announced later by the U.S. Securities and Exchange Commission after it had approved the settlements; see the Violation Tracker entry for Merrill Lynch at: (click here). That entry shows a total of $200 million for Merrill, which includes a separate $100 million that company had reached with New York State in May 2002.
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.