The brokerage agreed to the settlement with Robert Levine, co-founder of Cabletron Systems, according to filings and sources familiar with the case.
Bank of America Merrill Lynch has agreed to a $40 million settlement with Robert Levine, co-founder of Cabletron Systems, according to filings and sources familiar with the case.A second complaint also seeking about $40 million in damages and involving the same broker is pending.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.
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. Kenahan, who started working at Merrill Lynch in Boston in 2007, was dismissed by the firm last week, according to the BrokerCheck report.
Kenahan has two pending arbitration claims listed on his BrokerCheck report, including one that has more than $42 million in alleged damages listed.
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