Home -> Law Blog Directory -> Criminal Law Blogs -> SECLaw.com

Criminal Law

: SECLaw.com

Merrill Brokers Win $1.167 ML Arb Award For Retained Comp

By Mark H. Astarita, Esq.

For those who believe that the wirehouses would not deny compensation to an employee simply to save money, this article from Registered Rep provides some telling information. According to the article, Merrill Lynch's employee policies provide that a broker who resigns for "Good Reason" is entitled to have his deferred compensation benefits vest at the time of his resignation.According to the article, at the time of its merger with Bank of America, brokers were leaving, and Merrill canceled the deferred comp benefits, and simply refused to pay out any funds for a "Good Reason" resignation, something Merrill Lynch had agreed to in the compensation plans.Why would Merrill Lynch unilaterally breach an agreement with its employees? We have represented brokers against a number of wirehouses in this sort of situation, and the firm always has an excuse...continue to full post

Full post as published by SECLaw.com on October 17, 2010 (boomark / email).