The firm has also agreed that it will no longer pay analysts based on how much investment banking revenue they help generate and will create a panel to review stock rating changes and appoint a 'compliance monitor' for a 12 month period.
New York state attorney general Eliot Spitzer, who originated the allegations against the firm, will not create a restitution fund for investors who claimed they have lost millions due to the actions of the firm. Having said this, Merrill faces at least 28 class-action lawsuits from angry investors determined to be compensated.
Merrill Settles - And Pays Up
Bloomberg reports that Merrill Lynch has now agreed to pay $100m to settle allegations that the firm misled investors by recommending shares of investment banking clients while privately rubbishing the stocks.
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