Merrill Lynch pays $11 million to settle short sale violations

WASHINGTON (Reuters) - Units of Bank of America's Merrill Lynch admitted on Monday to violating certain federal rules by using inaccurate data for short sale orders and agreed to pay $11 million to settle the case, U.S. regulators announced.

As part of the settlement, Merrill Lynch also agreed to retain an independent compliance consultant, the Securities and Exchange Commision said.

(Reporting by Sarah N. Lynch; Editing by Bill Trott)