WASHINGTON (Reuters) - Merrill Lynch has agreed to settle U.S. charges over allegations that it did not properly prevent unregistered sales of a software company's shares on behalf of a China-based issuer, the Securities and Exchange Commission said on Thursday.
Merrill Lynch, part of Bank of America (N:BAC), did not admit or deny the SEC's findings as part of the settlement but agreed to pay a $1.25 million penalty and more than $154,000 in disgorgement and prejudgment interest earned on the improper sales, the regulator agency said in a statement.