Investment adviser units of Wells Fargo & Co. and Bank of America Corp.’s Merrill shortchanged customers by funneling ...

Advisory clients’ uninvested dollars were automatically swept into bank accounts that paid paltry interest, but were ...

Regulators took the wirehouses to task for not having policies directing advisors to consider clients' best interests.

The yield differential between the firms' bank deposit sweep programs and other alternatives was nearly 4% higher, according to SEC claims.

In the enforcement actions announced Friday, the regulator said the two firms agreed to settle the charges without admitting ...

Ameriprise Financial has asked a judge to dismiss parts of a lawsuit brought by a group of investors over the interest rates ...

The firms failed to consider the best interests of clients when selecting cash sweep programs, the agency said.

“Wells Fargo Advisors and Merrill Lynch offered bank deposit sweep programs, or BDSPs, as the only cash sweep option for most advisory clients and received a significant financial benefit from ...

(Reuters) -Merrill Lynch and two Wells Fargo advisory firms have agreed to pay a combined $60 million in civil penalties to ...

Wells Fargo and other large wealth managers have been under scrutiny from plaintiffs' lawyers and regulators for the returns ...

The units charged by the SEC consented to the entry of orders without admitting or denying the SEC's findings. Wells Fargo Clearing Services agreed to pay a civil penalty of $28 million, Wells Fargo ...