Merrill Lynch & Co. has agreed to pay $18 million to end a State of Illinois investigation into its role in the erosion of a trust that was supposed to safeguard consumer deposits meant to pay for their funerals.
The settlement, announced Wednesday by the Illinois Division of Insurance, will benefit more than 600 funeral homes that sold prepaid funeral plans to consumers and deposited the money in a trust created in 1980 by the Springfield-based Illinois Funeral Directors Association.
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