Lawyers in the Section are handling a number of cases against Bank of America. As we have mentioned in prior issues, Bank of America now owns Merrill Lynch. Financial Advisors who worked for Merrill Lynch participated in several deferred compensation plans, including plans with names like FACAAP, Growth Award, WealthBuilder, and other Long Term Compensation Incentive Programs (LTCIPs). The Advisors worked hard to accumulate benefits in the LTCIP’s with the expectation that Merrill Lynch and its successors would honor their obligations under the plans. Unfortunately, those obligations have not been honored.
Bank of America’s acquisition of Merrill Lynch triggered what was defined as a “Change in Control” within the LTCIP’s. According to plain language in the plans, that event affected the vesting of deferred compensation so that any participating broker who resigned for “Good Reason” following the buyout was due to be paid the deferred compensation they worked so hard to build up. However, this did not happen and resulted in thousands of former Merrill Lynch Financial Advisors being owed millions of dollars in unpaid benefits.
Lawyers in the Section are investigating potential claims on behalf of former Merrill Lynch brokers against Bank of America. These former employees often left either because of the changes that occurred or in some cases were pressured or pushed out by the incoming management. In any case, they were wrongfully denied deferred compensation to which they were and may still be entitled. During these tough economic times, it is a sad commentary that any hard working person must fight for what is rightfully due to him or her. Our lawyers are ready to help those former Merrill Lynch employees win that fight against Bank of America.
Lawyers: Chad Stewart and Larry Golston
Primary Staff Contact: Jodi Turner
Dee Miles, as Section Head, is in charge of the Section. Michelle Fulmer serves as the Section Head Administrator. They have a very good group of lawyers and staff personnel in this section. As one can readily see, things have been very busy in the Section. If you have any questions about any of the areas covered above, contact either the lawyer or staff person working in that specific area at 800-898-2034.
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