U.S. business borrowing for equipment falls in May: ELFA
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Merrill Lynch, SEC Enter Settlement Over Misleading Statements Tied to Volatility Index Notes
June 23, 2016 10:18 AM EDTThe Securities and Exchange Commission announced that Merrill Lynch has agreed to pay a $10 million penalty to settle charges that it was responsible for misleading statements in offering materials provided to retail investors for structured notes linked to a proprietary volatility index.
According to the SECs order instituting a settled administrative proceeding, the offering materials emphasized that the notes were subject to a 2 percent sales commission and 0.75 percent annual fee. Due to the impact of these costs over the five-year term of the notes, the volatility index would need to increase by 5.93 percent from its starting value... More

