Merrill Lynch will pay $9.5 million to settle allegations that it charged advisory clients more than $4 million in undisclosed foreign exchange fees, the Securities and Exchange Commission said Monday.

“Investment advisers must ensure that they do not selectively disclose some fees but not others relating to a particular service,” said Antonia Apps, Director of the SEC’s New York Regional Office, in a statement.  

Without admitting or denying the SEC’s findings, Merrill Lynch, a Bank of America Corp.

subsidiary, agreed to the penalty and to distribute funds to harmed clients.

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