Possible BAI class action law suit

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Jul 8, 2009 11:40 am

After speaking with serveral law firms, we believe that there may be grounds for a class action suit for deceptive and fraudulent hiring practices.  We are gathering names and contact info. of FA's who believe that they were misled when they were recruited at Bank of America Investment Services.  If you believe that you were misled or lied to when you were hired by BAI and want to participate in a possible class action suit, please send me a PM with your contact information.

Jul 8, 2009 11:43 am

ugh.

Jul 8, 2009 1:38 pm

Oh boy...you mean you didn't know that working for a bank was a bad idea to begin with!

Jul 8, 2009 2:58 pm
U2:

After speaking with serveral law firms, we believe that there may be grounds for a class action suit for deceptive and fraudulent hiring practices.  We are gathering names and contact info. of FA's who believe that they were misled when they were recruited at Bank of America Investment Services.  If you believe that you were misled or lied to when you were hired by BAI and want to participate in a possible class action suit, please send me a PM with your contact information.



So, exactly how many law firms did you speak with before finding one that would file yet another frivolous law suit?

Get in line.

Jul 8, 2009 8:41 pm

You joined July 2, 2009?  No wonder you were surprized.

Jul 8, 2009 9:29 pm

Will you please disclose the average production of the people you sign up?  That will be the punch line.

Jul 8, 2009 10:02 pm

500k

Jul 8, 2009 10:08 pm

Count me in!  I'll send you my info.  I agree that I was absolutely misled when I was recruited.  They are the worst!  You had to be there to understand.  

Jul 8, 2009 10:11 pm

Not as much as Whale, but 400k if it matters!

Jul 9, 2009 7:32 am

What he is suggesting is hardly frivolous.  U2 is totally on target.  I know of a dozen people who were promised things that were not delivered upon once they were on board and they relied on these representations to their detriment including me.  I will be in contact privately and I will encourage those I know to do the same.  I would also encourage anyone else to do so.  This is not a case of sour grapes.  This is a case of a broad pattern of misrepresentation in their recruiting practices.

Jul 9, 2009 9:23 am

I can't help but wonder if "U2" has a partner across the hall that is currently seeking "misled or lied to" investors upset that the market has fallen.



A hand in every pocket...

Jul 9, 2009 9:39 am

You must be an executive with B of A, If you knew the details or were involved in the situation you would feel differently.  Thank you for your glowing contribution! It would be nice to see fellow representative ban together to help build a great ethical community for the financial services industry......oh, thats right...that what we are suppose to do!  So , your negative comment does not help!

Jul 9, 2009 9:41 am

I forgot that they allowed the lawyers of B of A to repsond to the Advisors forums.

Jul 9, 2009 9:57 am

Dude, you (or anyone else for that matter) that took a check have sold your soul to the devil for the next 5, 7 or 9 years. If there was a breach of contract, by all means, file suit, but there is no need for a class action. If you were "misled" but didn't have anything in writing, then cry me an f'in river.

Jul 9, 2009 12:33 pm

I'm wondering if U2 is Mark Benson looking for disgruntled BAI advisors to can next.

Jul 9, 2009 12:37 pm

I will be in contact with you.  I also know of multiple advisors with very similar stories of misleading recruiting practices.  I had a solid practice prior to BAI, but my firm was about to be purchased by another bank.  So, I took the proactive approach and starting looking and based on what was said by BAI during my recruiting process I a made the change, BIG mistake.  I am now on the independent side rebuilding.  Hindsight I should have moved this direction before moving to BAI, or at least should have stayed with my prior firm and dealt with whatever hand the takeover bank was going to offer.  Yes, one could say that we are just crying a river, that is if there were only one or two of us.  There is a distinct pattern here that happened to advisors from all walks of life, with a wide range of productions levels, experience levels and book sizes.  Also, at least in my case, this has nothing to do with the market correction and everything to do with BAI's need to say and do anything to get me to sign on the dotted line.  The purchase of Merrill was very timely for BAI, because word was getting out and their recruiting was drying up fast and advisors were walking.  Bottom line - if I closed sales transactions in the same manner in which they have been known to recruit I would probably lose my license.  And, don't even get me started on the impact this entire mess has had on my family!

Jul 9, 2009 7:00 pm
Incredible Hulk:

Dude, you (or anyone else for that matter) that took a check have sold your soul to the devil for the next 5, 7 or 9 years. If there was a breach of contract, by all means, file suit, but there is no need for a class action. If you were "misled" but didn't have anything in writing, then cry me an f'in river.

 
well put
Jul 10, 2009 2:54 pm

I have a contact for any current BAI FAs who would like some help with an exit strategy. PM me and I'll hand that off. This particular firm has brought me some solid advisors over time and I've been told they've helped some disgruntled BAI FAs land some nice opportunities in a few areas as of late.  One positive note about being at BAI right now is the fact that you're more marketable than most FAs at other bank programs. That's huge given the circumstances at that lousy place. 

Jul 13, 2009 1:33 pm

I am interested and have done a lot of homework on this issue.. please send me an email with your contact info.


you can go to finra.org and read the arbitrations online and a lot of them are deceiving.  PLEASE NOTE THAT A LOT OF THE AWARDS SAY, " STIPULATED AGREEMENT" --- WHICH ONLY MEANS THAT THE AWARD SHOWN ON THE FINRA WEBSITE IS ONLY GOOD IF THE TWO PARTIES "SECRET AGREEMENT," (WHICH THEY DONT SHOW) IS NOT MET.   A LOT OF BOFA BROKERS ARE SETTLEING FOR PENNIES ON THE DOLLAR..  I SPOKE WITH A FEW OF THEM WHO HAD THE STIPULATED AGREEMENT AND THEY SETTLED FOR 50 CENTS OR LESS ON THE DOLLAR...
I ALSO SPOKE WITH ONE OF THE LAWYERS WHO RESPONDS ON REP. AND HE SAID THAT BOFA MAIN GOAL IS TO AVOID SHOWING BROKERS WINNING ON THE FINRA WEBSITE... THEY ARE WORRIED...
Jul 14, 2009 12:37 pm

Very well put!  We all have very similar stories!