FINRA slapped Merrill Lynch with an $8 million fine, and ordered the firm to repay $24.4 million in mutual fund fee overcharges allegedly passed on to retirement plan and charity account holders.

The self-regulatory organization alleges that Merrill at various times didn’t waive upfront sales charges for affected customers when offering Class A shares. While most funds on Merrill’s retail platform offer such waivers, according to FINRA, about 41,000 small business retirement plans, and 6,800 charity and 403(b) retirement accounts were still affected.

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