• LAW OFFICES OF DAVID HARRISON INVESTIGATES MERRILL LYNCH
• LAW OFFICES OF DAVID HARRISON INVESTIGATES MORGAN STANLEY SMITH BARNEY

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 [email protected].

 

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 [email protected].