BofA’s Merrill Lynch Settling Cash Sweep Suit for $39 Million

Merrill Lynch has reportedly agreed to settle a lawsuit accusing it of underpaying brokerage customers. The Bank of America -owned brokerage will pay $39 million in the settlement, Reuters reported Wednesday (Sept. The class action suit accused Merrill of paying brokerage customers near-zero interest rates rather than market rates on idle cash sitting in retirement accounts, the report said.