Violation Tracker Individual Record

Company: 
Merrill Lynch
Current Parent Company: 
Bank of America
Penalty: 
$13,700,000
Year: 
2008
Date: 
August 7, 2008
Primary Offense: 
toxic securities abuses
Secondary Offense: 
False Claims Act and related
Violation Description: 

Merrill Lynch agreed to return the funds invested by the City of Springfield in Auction Rate Securities. This was in settlement of allegations it misled the investors that the securities were permissable investments under Massachusetts law.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Massachusetts Attorney General
Civil or Criminal Case: 
civil
Facility State: 
Massachusetts
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.