I have several questions that I hope I can hear some past experiences/knowledge on the topic of a Merrill Lynch Loan Repayment. In this case, it was a retention bonus.I had to leave Merrill because I could no longer pay my bills - payout cut, assets down, income down. Of course, while trying to find a new job, I was using some of the retention bonus to live on and pay down other bills. I have found a new job, not in an advisory capacity, but still in the investment industry. Merrill Lynch is obviously suing me to get back the loan amount that is still unpaid. Question 1: What has been the fourm's knowledge and experience on potential settlement for the upaid balance? I received $90,000 up front and would have received $60,000 deferred over three years. I repaid a portion ($20,000) of the up-front (in hindsight a mistake). So, Merrill is suing me for the remaining amount $60,000 - which I do not have. The lawyers want it all back now; I can only manage to pay it back over several years. Question 2: When/will my new employer find out about this lawsuit? Will it show up on my U4? Question 3: Can the lawsuit reward Merrill in a way that the settlement would be attached to my future wages? I hate to go bankrupt over this amount. Thanks in advance to all who reply.
Have you tried contact Merrill lawyers directly? I had a similar situation when they came after me for training costs. All I had to do was prove that I didn’t have the ability to pay by sending in a copy of my bank statement and they dropped the whole thing. It’s worth a shot. Be very very nice to the lawyer, they technically have the law on their side. A humble plea for mercy can go a long way. Worked for me.
Talk to a lawyer first, there is nothing worse than saying on a recorded call the wrong thing, a lawyer can advise you how to handle this type of situation. There are alot of factors in play, despite what you may think.
Any referrals to attorneys used to dealing with forgiveable loan repayment issues?? Thanks.
Good advice, talk to a lawyer and be humble. My understanding from talking to friends is that settlements of 50 cents on the dollar with a payment plan is about as good as it gets. They become a monthly bill.Yes, your employer will find out about the lawsuit. And yes, it is reportable on your registration. If you are an RR you are required to disclose any lawsuits to your employer. While i'm not a lawyer that info has been on every continuing ed test i've ever taken. Not disclosing it is a violation. Lawyers write for and advertise in RR mag.
Oh, and there’s a pretty good lawyer right here on this thread. You’ll find him listed as screen name rrbdlawyer. Just look down a few threads and i’m sure you’ll see his name. Real name Bill Singer. Shoot him a PM. I’m sure he can give you direction.
What ever happened with your lawsuit? I am being taken to arbitration over this, but I did not leave. Does contacting their lawyers really work? I can definitely show I can not repay mine.