Dual registrant agrees to pay $2 million to settle best ex case

Certain MMLIS and MSI advisory clients to invest in share classes of mutual funds in the Clearing Broker’s NTF and TF Programs that resulted in revenue sharing payments from the Clearing Broker to MMLIS and MSI when share classes of the same funds were available to clients that presented a more favorable value under the particular circumstances in place at the time of the transactions, MMLIS and MSI violated their duty to seek best execution for those transactions

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