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Wells Fargo, Raymond James, LPL Financial to pay $30 million in refunds for mutual fund overcharging

( July 6, 2015, 15:00 GMT | Official Statement) -- MLex Summary: The Financial Industry Regulatory Authority has ordered Wells Fargo Advisors, Wells Fargo Advisors Financial Network, Raymond James & Associates, Raymond James Financial Services and LPL Financial to pay a total of more than $30 million in restitution to customers for failing to waive mutual fund sales charges for some charitable and retirement accounts. More than 50,000 eligible retirement accounts and charitable organizations at these firms either paid sales charges or bought other share classes that unnecessarily subjected them to higher fees, Finra said.Statement follows in full. ...

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