Merrill Lynch’s petition to vacate $10.2 million broker award vacated

Court says company must pay former brokers the unpaid deferred compensation

A U.S. district court decided yesterday that Merrill Lynch, now a part of Bank of America Corp., will have to pay $10.2 million in unpaid deferred compensation to two of its former brokers.

Merrill Lynch had asked the court to vacate the previous April ruling by the Wall Street self-regulator Financial Industry Regulatory Authority panel. The suit dates back to 2008, when several of the brokers who left Merrill Lynch after BofA purchased it said that the acquisition was “good reason” for them to collect those payments.


Cathleen Flahardy

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