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Bank of America to pay $42m to settle electronic trading charges

SEC says bank routed orders to high-speed trading firms without telling customers

Bank of America to pay $42m to settle electronic trading charges

Bank of America Merrill Lynch will pay $42m for misleading clients by routing orders to high-speed trading firms without telling the customers, the Securities and Exchange Commission said Tuesday.

In its settlement with the SEC, Merrill Lynch admitted wrongdoing. The firm reached a similar $42m settlement in March with New York state.

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