Three titans of the broker world will pay a combined $30 million in restitution to more than 50,000 retirement accounts and charitable organizations after the firms failed to waive fees on mutual funds.
The Financial Industry Regulatory Authority ordered the advisor channels of Wells Fargo, Raymond James, and LPL Financial to make retirement investors whole after accounts were charged fees on Class A shares of mutual funds when investors qualified to have those fees waived.
In a statement, FINRA said each firm detected and self-reported the errors, which is why the regulator did not levy fines. Wells Fargo will return $15 million in fees and interest, and Raymond James and LPL will return $8.7 million and $6.3 million respectively.
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