In Brief: Merrill Settles SEC Orange County Charges

Merrill Lynch & Co. has settled charges in connection with municipal bond offerings that bankrupted Orange County, Calif., in late 1994.

Without admitting or denying allegations of negligence and deceptive practices, the investment bank consented to a cease-and-desist order and agreed to pay a $2 million civil penalty, the Securities and Exchange Commission said Monday.

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