BrokeAndBroker.com: Former Merrill Lynch Brokers Win FACAAP (Capital Accumulation Award Plan) Arbitration
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Oct 15, 2010 11:40 am
What the FACAAP Is Going On Here?http://www.brokeandbroker.com/index.php?a=blog&id=588 Just a few months ago, the United States District Court for the Southern District of California dismissed a lawsuit by three former Merrill Lynch financial advisers who forfeited $5 million in deferred compensation when they left the firm. Those advisors argued that the forfeiture provisions in several of the brokerage's deferred-compensation plans, including the Financial Advisor Capital Accumulation Award Plan ("FACAAP"), violated labor laws.
However, the other day a FINRA Arbitration Panel awarded two former Merrill employees over $1 in damages, in part, as a result of the firm's breach of contract concerning its FACAAP policies.
READ BILL SINGER'S COMPREHENSIVE ANALYSIS OF THIS CASE AT: