Bank of America, Raymond James to pay $12 million restitution for fund overcharges

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(Reuters) – A U.S. regulator said units of Bank of America Corp (N:) and Raymond James Financial Inc (N:) will pay roughly 12 million in restitution to customers who incurred excess fees on their investments in so-called 529 plans, which are used to encourage saving for educational expenses.

The Financial Industrial Regulatory Authority said Bank of America’s Merrill Lynch unit will pay at least $4 million and the Raymond James units will pay about $8 million. None of the units admitted or denied wrongdoing.

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