| Wells Fargo, LPL, Raymond James to reimburse $30 mln in fund fees-FINRA | |
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July 6 (Reuters) - Three major securities brokerages must collectively reimburse customers more than $30 million for failing to waive mutual fund sales charges for thousands of accounts belonging to charities and retirement investors, Wall Street's watchdog said on Monday. Units of Wells Fargo & Co, Raymond James Financial Inc and LPL Financial Holdings Inc "failed to adequately supervise" the sale of mutual funds that offered sales charge waivers, the Financial Industry Regulatory Authority (FINRA) said in a statement. The firms, in settling the cases with FINRA, neither admitted nor denied the industry-funded regulator's allegations, FINRA said. A Wells Fargo spokesman declined to comment. Raymond James and LPL said in statements that they self-reported the problem to FINRA, which did not impose fines, given the firms "extraordinary cooperation." The errors affected a total of more than 50,000 accounts at the firms, FINRA said. (Reporting by Suzanne Barlyn; Editing by Bernadette Baum)
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Wells Fargo is a exploration company based in United states of america. Wells Fargo is listed in United States of America. Its market capitalisation is US$ 299.4 billions as of today (€ 279.8 billions). Its stock quote reached its lowest recent point on July 03, 1997 at US$ 10.01, and its highest recent level on April 26, 2024 at US$ 59.91. Wells Fargo has 4 997 319 680 shares outstanding. |