Chris Ratcliffe | Bloomberg | Getty Images
Bank of America Merrill Lynch has paid a hefty $40 million to settle “churning” allegations involving a former broker, according to filings and sources familiar with the case. It’s the largest such settlement in at least a decade.
The recipient of the settlement is Robert Levine, co-founder of one-time network equipment maker Cabletron Systems, according to the sources.
They said the case went to a final hearing in front of an arbitration panel before Merrill decided to settle. A second complaint also seeking about $40 million in damages and involving the same broker is pending.
The advisor involved is Charles Kenahan, according to FINRA’s…