At least fifteen brokers charged with overcharging clients buying mutual funds may today settle their differences with the SEC in a deal worth $20 million, according to the Wall Street Journal. Separate charges may be brought against eight other firms.

The Securities and Exchange Commission and the National Association of Securities Dealers plan jointly to charge seven firms with failing to reveal to customers that there were entitled to certain discounts not reflected in fees charged.

The seven firms that will settle jointly are Raymond James Financial Inc, Legg Mason Inc. Wachovia Corp., American Express Co, Linsco Private Ledger Corp. and HD Vest Financial Services, the Journal said.

The firms settling joint NASD and SEC charges will be required to pay fines of more than $20 million and refund their customers, the Journal said.

The NASD will bring separate charges against eight other firms, the paper reported.

The Journal quoted a UBS spokeswoman saying the firm was in talks with regulators. Representatives for LPL and HD Vest could not be reached for comment.

Legg Mason said on Wednesday in an SEC filing that it was cooperating with regulators on two separate investigations. Raymond James said it was in talks with the SEC and NASD and could have to pay as much as $14.8 million in reimbursements.

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