By: Dawn Giel, Scott Cohn, Scott Zamost, CNBC
(Dec 2020)
CNBC article "Merrill to pay $26 million to New Hampshire, former NH Governor to settle churning allegations" details the conclusion of a FINRA hearing regarding Merrill Lynch being accused of churning the bank accounts of the former Governer of New Hamsphire. The article quotes Craig McCann, saying that this $24.25 million settlement is the second largest in history for an individual claimant. Dr. McCann has published extensive research on the concept of churning.
