Montana Helps Win Settlement After Major Wall Street Firms Overcharge Investors

Traci Taylor | Mix 97.1 | October 20, 2026

If you have an investment account with Wells Fargo or Merrill Lynch, some extra money could soon be heading back to your bank account.

Montana Auditor James Brown recently joined state regulators across the country to secure a 4.4 million dollar refund agreement with both companies. The action follows an investigation that showed the firms had quietly charged higher fees than allowed on routine stock trades for years…

This effort is part of a larger push by the State Auditor’s Office to protect local account holders. Over the past year, Brown worked out similar refund agreements with other major investment companies, including Charles Schwab, Edward Jones, LPL Financial, RBC Capital Markets, and Stifel.

Together, these cases have returned millions of dollars to investors and forced large firms to change how they do business in Montana.

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