Bank of America Corp and Raymond James Financial Inc will pay roughly $12 millio...
) will pay roughly $12 million in restitution to customers who incurred excessive fees on investments meant to help their children afford college, a U.S. regulator said on Wednesday.
Such plans are tax-advantaged municipal securities designed to encourage saving for education, and sponsored by U.S. states, state agencies and educational institutions. According to the regulator, many customers who invested in Class C shares, which carry no upfront sales charges but higher annual fees, would have been better off investing in Class A shares that carry upfront sales charges but lower annual fees.
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