LAW OFFICES OF DAVID HARRISON INVESTIGATES MERRILL
LYNCH OVER FINANCIAL ADVISORS' DEFERRED COMPENSATION PROGRAM
Law Offices of David Harrison has initiated an
investigation of Merrill Lynch ("Merrill") over its treatment of financial
advisors regarding deferred compensation packages. Financial advisors who did
not sign retention packages with Bank of America after the brokerage acquired
Merrill Lynch in 2008 were shocked to learn that Merrill refused to pay
financial advisors their deferred compensation plan. Many financial advisors
left Merrill Lynch due to the uncertainty surrounding the Bank of America /
Merrill merger believing a change of control in the company caused the deferred
compensation to vest. A FINRA arbitration panel lambasted Merrill for running a
"systemic fraudulent scheme to deprive claimants of their rights" under the
deferred-compensation plans. The arbitration panel further said that the
committee Merrill Lynch instituted to determine whether compensation programs
vests was "a sham committee that did nothing more than rubber-stamp denials."
According to the arbitration panel, Merrill has never approved a request for
vesting despite the firm's own "numerous ... analyses and anticipated turnover
projections that indicated anywhere from hundreds of millions to several
billion dollars in potential liability."
Merrill Lynch financial advisors who did not sign
Bank of America retention packages may have rights to collect their deferred
compensation packages.
If you believel you were not treated properly and
compensation is owed to you, contact our firm for an evaluation of your rights.
You can contact David Harrison directly at (310) 499-4732 or by email at
dshesq@gmail.com.
LAW OFFICES OF DAVID HARRISON INVESTIGATES MORGAN
STANLEY SMITH BARNEY'S TREATMENT OF FINANCIAL ADVISORS REGARDING RETENTION
PACKAGES
Law Offices of David Harrison has initiated an
investigation of Morgan Stanley Smith Barney ("MSSB") over its treatment of
financial advisors regarding retention packages offered to them after Morgan
Stanley purchased Smith Barney. This investigation stems from MSSB offering
retention packages to financial advisors in 2008 and 2009 which called for a
back-end payment in 2012. Financial advisors signed retention packages in the
expectation that all terms would be met by MSSB. When 2012 arrived, financial
advisors were stunned that MSSB took the position that the 2012 backend payment
did not apply to them and declined to make any additional payments.
Morgan Stanley Smith Barney financial advisors may
have rights to collect and be paid out their complete retention packages.
If you signed a MSSB retention package and you feel
you were not treated properly and compensation is owed to you, contact our firm
for an evaluation of your rights. You can contact David Harrison directly at
(310) 499-4732 or by email at dshesq@gmail.com.
Law Offices
Practice Areas