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Friday Q&A - Are EFLs and Promissory Notes Enforceable?

By Mark H. Astarita, Esq.

Friday Q & A ? I recently left Bank of America after the ML merger, and they now want me to repay the bonus that I received. BofA killed my business, and ML actually made it worse? Do I have to repay the money? Will they settle or do I have to go to arbitration?This is almost becoming a daily question in our office, and not only with Bank of America reps. The turmoil in the financial markets has cause turmoil for brokers and firms as well. Add to that the move to become independent, and/or starting your own RIA (finally!) and there is quite a bit going on in broker transition these days.The short answer is that assuming you have the ?standard? promissory note that the firms use you are probably going to have to repay the money. The promissory notes are unconditional promises to repay...continue to full post

Full post as published by SECLaw.com on December 03, 2010 (boomark / email).