BofA's Merrill Lynch unit fined for failing to disclose note fees

The Financial Industry Regulatory Authority (FINRA) separately fined Merrill $5 million for negligent disclosures related to the sale of five-year senior debt notes to retail customers, the regulator said on Thursday. The Wall Street industry-funded watchdog said it found Merrill had sold about $168 million worth of the notes to its retail customers but did not clearly disclose certain costs, making it appear that fixed costs were lower than they actually were.