Bank of America to pay $7.23 million after overcharging mutual fund customers: FINRA

(Reuters) – Bank of America Corp agreed to pay $7.23 million in restitution and interest to settle a U.S. regulator’s accusations that it overcharged customers on mutual funds.

The Financial Industry Regulatory Authority said on Thursday that the accord resolves charges that customers with more than 13,000 accounts at the bank’s Merrill Lynch unit incurred unnecessary sales charges and paid excess fees.

(Reporting by Jonathan Stempel in New York; Editing by Chizu Nomiyama)