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Ex-Merrill Lynch broker gets $650,000 settlement

By Erin Ailworth

 |  Globe Staff  

  December 24, 2011

A former Merrill Lynch & Co. broker whom the company blamed for selling nearly $14 million in high-risk securities to the City of Springfield received a measure of exoneration earlier this week when he won $650,000 in an arbitration case against his former employer. Carl J. Kipper filed a claim against Merrill with the Financial Industry Regulatory Authority for more than $4 million in lost wages, damages, and attorney’s fees after he was fired for selling the securities to Springfield.

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