Merrill Brokers Had "Good Reason" To Leave....And Got $1 Million For It
Two former Merrill brokers won $1.167 million in an arbitration award from Merrill Lynch for deferred compensation benefits that, according to certain clauses in their employment contracts, were supposed to vest if they left for “Good Reason” following a change of ownership at the firm. The brokers left after the Bank of America takeover of Merrill Lynch in late 2008. It's the first case nationally of its kind for Merrill brokers. ...
Check out the story on our website about it....what did retention agreements at other firms look like? Did they have similar clauses? Could this have implications for all the big Wall STreet firms?