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Merrill Lynch has been ordered to pay nearly $3.7 million in damages and fees after arbitrators ruled against the firm in a private equity dispute. The case involved allegations of securities law violations and breach of fiduciary duty by the wealth management giant.
- Merrill Lynch was found liable for $3.7M in damages and fees in a FINRA arbitration case.
- Clients alleged the firm misrepresented returns on private equity feeder funds tied to Apollo and Blackstone.
- Arbitrators ruled Merrill violated securities laws and breached fiduciary duty in wealth management practices.
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