The U.S. Securities and Exchange Commission (SEC) on Friday said a pair of Wells Fargo Advisory firms and Merrill Lynch have ...

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

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

The Securities and Exchange Commission on Friday announced settled charges against registered investment advisers Wells Fargo Clearing Services ...

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

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

Merrill and Wells are facing a total of at least 11 lawsuits related to the interest rates in their cash sweep programs, and ...

“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 ...

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

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

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 ...