Merrill Lynch to pay $26.5 million settlement over sales force's credentials

Tuesday, September 8, 2009 | 5:02 p.m. CDT; updated 5:48 p.m. CDT, Tuesday, September 8, 2009

AUSTIN, Texas The Texas state securities commissioner said Bank of America's Merrill Lynch unit will pay up to $26.5 million to seven states, including Missouri, in a settlement stemming from a Texas claim that the brokerage allowed unregistered salespeople to sell securities.