Tuesday, November 9, 2010

More Merrill Brokers Suing BofA over Deferred Compensation

The fallout from the turmoil created for employees as the investment banks failed in 2008 continues. Brokers, traders, salespersons and other employees are suing over compensation which was denied to them, as the investment banks attempted to balance their books. Chicago Business is reporting that four former Merrill Lynch brokers in Chicago are suing Merrill Lynch, now owned by Bank of America Corp., to pay about $3 million in deferred compensation. According to the article, Merrill Lynch is again withholding deferred compensation from employees who left the firm. The brokers claim that they resigned from Merrill after the Bank of America merger, that the change in control constituted "good cause" under their employment agreements, entitling them to their deferred compensation. More...
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