Merrill Lynch has already staked out the position in response to the DOL’s retirement account fiduciary duty rule that it would no longer offer commission-based IRAs to retirement savers. Yesterday, it effectively doubled down on its early compliance efforts, announcing that clients of Merrill’s brokerage can no longer buy mutual funds in retirement accounts that charge commissions – WSJ (h/t to Jim Miley)

Here’s some background on the Labor Department’s new rule and its impact on brokers and their commissions – WSJ

More trouble (or at least, the end to it) for Wells Fargo, which agreed yesterday to pay $50 million to resolve a class action lawsuit accusing the bank (in its capacity as mortgage loan servicer) of overcharging homeowners for post-default appraisals (BPOs) between 2005 and 2010 – NYTimes and Law360

The  Journal on the rise of nonbank mortgage lenders and their greater openness to risk – WSJ

Valeant, under investigation and in need of cash, is reportedly looking to sell its Salix stomach-drug business to Japan’s Takeda Pharmaceutical for $10 billion – WSJ

After wooing Tronc’s board for over 6 months, Gannett has officially dropped its $680 million+ bid to take over the former Tribune Publishing company – NYTimes and WSJ

Concerns about rising inflation prompted investors to pull big money from popular exchange-traded funds last week, including nearly $1 billion from a BlackRock fund on Thursday alone – WSJ

Herbalife CEO Michael O. Johnson is stepping down after 13 years at the helm of the nutritional supplement maker, having survived government investigations and a vicious years-long attack by activist investor Bill Ackman – NYTimes and WSJ

Nasdaq’s struck a deal with Goldman Sachs to take over its dark pool operations at a time when the SEC is increasing its scrutiny of the private stock-trading venues – WSJ and Law360

I’m a Volvo guy, going all the way back to my first ride—an ’84 240 DL wagon, manual transmission, in mud brown—so the news of its Geely-backed new S90 is [quiet, understated, but damn safe] music to my ears – Bloomberg

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