Merrill Lynch & Co. has agreed to pay $26.5 million in a national settlement stemming from Texas' claims that the brokerage allowed sales assistants to sell securities without being properly registered, said State Securities Commissioner Denise Voigt Crawford.

The Bank of America Corp. unit came under investigation from Texas after receiving a tip from a former Merrill employee in May 2008.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.