Merrill Lynch to pay almost $11 Million in SEC short-sale case

Staff and wire report

Merrill Lynch, part of Charlotte-based Bank of America, agreed to pay almost $11 million to resolve U.S. Securities and Exchange Commission claims that it used inaccurate data when it executed certain short sale orders.

The SEC announced the settlement in a statement Monday.

Bank of America spokesman Bill Halldin said the bank has taken steps to improve its internal controls for the execution of short sales.