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Registered Rep.
September 8, 2006
Halah Touryalai |
Merrill Discrimination Suit Moves Forward After Failed Settlement Talks The racial-discrimination suit against Merrill Lynch is under way again after settlement talks between African-American brokers and the firm came to a halt in early June.   |
Registered Rep.
March 10, 2006
Halah Touryalai |
Stan O'Neal Meets Black Brokers; Gets Criticized for Being Sexist While Merrill Lynch executives strive to settle a class-action lawsuit alleging systemic racism on the part of the firm, when news got around that CEO Stan O'Neal, who is black, personally attended one meeting with litigants, charges of sexism abounded. |
Registered Rep.
September 19, 2006
John Churchill |
Merrill's O'Neal to Be Deposed for Discrimination Suit Stanley O'Neal, chairman and CEO of Merrill Lynch, will be deposed as part of the discovery phase in a race-discrimination suit filed by one of the firm's black brokers. |
Registered Rep.
June 6, 2006
Halah Touryalai |
End of Settlement Talks Bring Students to Protest Against Merrill Lynch African-American college students protested in front of several Chicago-based Merrill Lynch offices one day after settlement talks between African-American reps who claim they were discriminated against and Merrill Lynch came to an end. |
Registered Rep.
February 1, 2006
John Churchill |
Race Discrimination Cloud Hangs Over Good Year For Merrill Lynch and UBS, allegations of widespread racial discrimination put a damper on an otherwise stellar year for the firms. Both wirehouses were named in separate lawsuits seeking class-action status raised by black brokers who allege a pattern of discrimination at the two firms. |
Registered Rep.
February 24, 2012
Kristen French |
Due Diligence: Seven Years Later, Merrill Broker Discrimination Class Action Gets go Ahead The lawsuit will go to court in April, and then the judge will set a date for trial. |
Registered Rep.
June 15, 2007
Halah Touryalai |
Merrill Requests End to Discovery in Racial Discrimination Suit Registered Rep. reported in error that a judge ruled in favor of Merrill Lynch in a discrimination suit. The judge in the case has referred the decision to a magistrate judge and a ruling has yet to be made. |
Registered Rep.
March 16, 2007
Halah Touryalai |
900 Down, Only a Handful to Go--Merrill Pays One More Female Broker; Separately, Thousands of Female Morgan Stanley Reps May Settle One of the last claimants from the 1997 class-action discrimination lawsuit against Merrill Lynch collected her reward late last month. Separately, Morgan Stanley has confirmed that it settled with over 3,000 claimants but would not comment further. |
Registered Rep.
October 2, 2006
Kevin Burke |
Merrill Appoints New Board Members The financial firm announced that it has elected two new members to it board of directors, one of whom is a British human rights activist. |
Registered Rep.
March 9, 2007 |
The Legal Battle that just Keeps on Going The former broker who won $2.2 million from Merrill Lynch in a discrimination lawsuit has filed suit again, this time countersuing a former sales manager at Merrill Lynch's San Antonio office. |
Registered Rep.
August 3, 2011
Kristen French |
New Merrill Overtime Lawsuit Aims to Overturn System of Compensation, Alleged Culture of Discrimination The giant Wall Street financial firms have settled numerous overtime pay and discrimination claims over the past decade and a half, but a recent suit filed in New York represents a new twist on some old themes. |
Registered Rep.
March 1, 2006
Halah Touryalai |
Our Diversity Problem Is there rampant discrimination on Wall Street or is it just a few bad apples giving the industry a bad name? Either way, the industry's efforts to hire -- and promote -- women and minorities have not produced impressive results. |
Registered Rep.
November 23, 2005
Kevin Burke |
Mom-and-Daughter Team Wins $2 Million Arbitration Over Sex Discrimination Merrill Lynch got dinged -- again -- for allegedly mistreating its female reps. |
Registered Rep.
October 14, 2010
Kristen French |
Merrill Brokers Had "Good Reason" To Leave, And Got $1.2 ml For It Two former Merrill brokers won $1.167 million in an arbitration award from Merrill Lynch for deferred compensation benefits |
Registered Rep.
April 26, 2007
Halah Touryalai |
Hydie Sumner Fired by Wachovia It's been ten years of legal wrangling with Hydie Sumner's former employer, Merrill Lynch. But today it's another firm at the center of the Sumner drama -- Wachovia Securities, which fired her yesterday. |
Registered Rep.
October 24, 2008
John Churchill |
Merrill Retention Is Adequate for Top Dogs, Scanty for Lower-Tier Producers The long-awaited Merrill Lynch retention package has arrived. Not surprisingly, top producers will probably be pleased, but others may not. |
Registered Rep.
September 1, 2005
John Churchill |
She's Baaaack Hydie Sumner, a former broker who successfully sued Merrill Lynch for sexual discrimination, has been trying for seven years to reacquire her job at the firm. Now an arbitration panel has ruled that she can return to Merrill. |
Registered Rep.
November 14, 2008 |
Update: 6,200 Merrill FAs Sign BofA Retention At Deadline Merrill says that only about half of the firm's nearly 17,000 advisors were eligible in the first place, and that they are responsible for about 75 percent of the firm's production. |
Registered Rep.
November 6, 2008 |
Bank Of America To Sign Protocol, Herd Still Weighing Options Bank of America intends to sign the so-called "broker protocol," an agreement signed by most of the brokerage firms and RIAs stipulating what client information is acceptable for a departing financial advisor to take without getting sued by the former employer. But when? |
Registered Rep.
September 14, 2005
Kristen French |
Overtime Pay, Chargebacks Under Fire; Morgan Stanley Latest Firm in Lawyers' Sights A $450 million class-action lawsuit filed in New York against Morgan Stanley on Friday could have major implications for brokerages' pay practices in the state. |
Registered Rep.
June 1, 2010
John Aidan Byrne |
Bank of America Ramps Up Online Brokerage Bank of America is making a push into electronic brokerage services, a menu that includes free online trading and a new platform called Merrill Edge, set to debut in late June. Some say the new services will steal business from Merrill advisors. |
Registered Rep.
October 28, 2008 |
Merrill Retention Package Angers FAs With "TRO" Language Merrill Lynch financial advisors are worried about one paragraph in the retention contract they received last Friday, October 24 -- very worried. And it has to do with the so-called broker protocol agreement. |
Registered Rep.
December 11, 2002
Ross Tucker |
Merrill Program Seeks to Boost Women and Minority Advisors Executives from Merrill Lynch's global diversity group say the firm has to do a better job in retaining and boosting the performance of women and minority financial advisors. |
Registered Rep.
October 27, 2008
John Churchill |
Separate BofA Retention Package Targets Top Half of BofA force Only 50 percent, or roughly 1,000 of the 2,000 Bank of America Investment Services financial advisors, will see a retention bonus. |
Registered Rep.
November 29, 2006
Halah Touryalai |
Merrill Lynch to Pay National Overtime Settlement The financial firm has decided to consolidate the numerous overtime lawsuits that have been filed against the firm and settle nationally with its brokers. |
Registered Rep.
September 8, 2006
Kevin Burke |
Male-Bashing at Mother Merrill? Merrill's sex-discrimination troubles just won't go away. But this time it isn't a woman raising a stink. Blas Catalani, a former sales manager at Merrill Lynch's San Antonio office, is suing a female ex-broker and her lawyer on grounds that the two women conspired to get him fired. |
Registered Rep.
February 22, 2006
Halah Touryalai |
Brokers Headed for Sweep in Overtime Pay Cases? Stockbrokers have won their second big overtime pay case against Wall Street firms and this may only be the beginning of a rout that could cost brokerage houses many millions of dollars more. |
Registered Rep.
January 27, 2012
Kristen French |
Due Diligence: FINRA's Merrill Fine is a Tap on the Wrist This week, FINRA fined Merrill Lynch $1 million for making it hard for former brokers of the firm to fight back in bonus disputes. |
On Wall Street
September 1, 2009
Helen Kearney |
On Life Support a Year Ago, Merrill Pays for Top Producers Merrill, under BofA, seems to be on the hunt to add to its ranks, and it's offering a very competitive package that has almost unlimited upside for top producers. |
Registered Rep.
August 25, 2006
Kevin Burke |
Merrill Fighting Back Against Recent Defections The recruiting war for top brokers remains fierce. The latest evidence of the fight to win million-dollar producers involves the industry's biggest firms. |
Registered Rep.
October 11, 2007
Halah Touryalai |
Judge OKs Millions To Morgan Stanley Female Reps A federal judge approved settlement of the class action lawsuit six months after the women settled a discrimination suit with the firm. |
Registered Rep.
October 10, 2008
John Churchill |
McCann: Merrill Managers Get No Retention, FA Package Due in Two Weeks Merrill's president revealed that managers will get no retention package and only the top third of financial advisors will be getting a deal. |
Registered Rep.
September 1, 2005
Kristen French |
Ready to Punch a Time Clock Merrill Lynch paid $37 million to settle claims that it owes thousands of former brokers overtime pay. Now, class-action attorneys smell blood. |
Registered Rep.
December 1, 2005
Kristen French |
Where's My Money? After California brokers won $37 million in an overtime lawsuit against Merrill Lynch in August, a slew of copycat lawsuits have been filed against other brokerage firms, many of them in New York. |
Registered Rep.
June 2, 2003
David A. Gaffen |
Vermont Judge Rules Against a Merrill TRO A federal judge in Vermont has ruled against Merrill Lynch's attempt to prevent two former brokers from contacting clients they held while at the firm. |
Registered Rep.
February 10, 2009 |
In First Media Interview, McCann Says Resignation Was At A "Logical Time" In his first interview since leaving Merrill Lynch, Robert J. McCann says he maintains good feelings for both Merrill Lynch and the timing of his departure. |
Registered Rep.
April 5, 2006
John Churchill |
UBS Wins Prominent Black Rep From Smith Barney In what can be considered a coup of sorts for the firm, UBS hired a prominent black Smith Barney broker this past winter -- while it was under fire from a lawsuit brought by former brokers alleging a pattern and practice of racial discrimination. |
Registered Rep.
October 1, 2009
John Aidan Byrne |
Former ML Chief Free to Take Job Robert J. McCann is free to take the reins at a major Merrill rival now that he settled a lawsuit today with Bank of America. |
Registered Rep.
June 27, 2007
Halah Touryalai |
EEOC Goes After Merrill in Discrimination Suit This time the Equal Employment Opportunity Commission is heading the complaint on behalf of former employee who is a Muslim from Iran. |
Registered Rep.
October 8, 2009 |
UBS Hires Bob McCann UBS has hired former Merrill Lynch executive Bob McCann to run its wealth management division in the Americas. |
Registered Rep.
February 8, 2006
Kevin Burke |
Merrill Brokers to Get Less Money Now, More Later--If They Stay Merrill Lynch has changed the way it pays its brokers to include more deferred compensation and less cash. The new package rewards brokers who stay a long time, while penalizing those that don't. Its aim is reducing turnover, but may also improve the firm's earnings. |
Registered Rep.
August 24, 2007
Halah Touryalai |
Overtime Claims Make Their Way To Schwab The lawyers involved in a number of overtime cases against major wirehouse firms, including UBS and Merrill Lynch, filed a new one against Charles Schwab in July. |
Registered Rep.
September 5, 2002
Rick Weinberg |
While O'Neal Speaks, Rumors Fly Merrill Lynch President Stan O'Neal spoke at his firm's financial services conference about the erosion of investor confidence and restoring investor trust. But the buzz was all about a report in a German newspaper that UBS AG had made an offer for Merrill. |
Registered Rep.
January 19, 2006 |
Is Supreme Court Leaning Towards a Decision Against Broker? The Supreme Court heard arguments yesterday in connection with a suit by a former Merrill Lynch broker against the nation's largest brokerage firm, and the early reaction to the hearing is that this time Goliath won. |
Registered Rep.
February 2, 2006
Kristen French |
Brokers Learning to Play by New Rules It's no longer business as usual on Wall Street. Starting yesterday, broker/dealers must follow a new SEC rule that requires them to disclose at certain times that they may not be acting in their clients' best interest. |
Registered Rep.
August 24, 2006
John Churchill |
Merrill and Hydie Sumner, Still Can't Work it Out Merrill Lynch has apparently decided it's had enough of Hydie Sumner, a former broker who sued the firm successfully in 2004 for sexual discrimination. |
On Wall Street
October 1, 2012
Lorie Konish |
Settlement May Not End Merrill Lynch's Deferred Compensation Woes Exemptions and the chance to opt out have lawyers predicting the $40 million proposed deferred compensation plan settlement will not cease litigation against Merrill Lynch. |
Registered Rep.
July 1, 2006
Kristen French |
One More Snag in Merrill-Advest Deal Two former Advest reps have filed a class-action lawsuit against Merrill Lynch and Advest for hijacking several hundred thousand dollars in accrued benefits they say were promised to them as Advest employees. |
Registered Rep.
January 28, 2009 |
Merrill Cuts Trainees Let the penny pinching commence! Merrill Lynch's training program took a hit yesterday as many of its trainees were shown the door. |
Registered Rep.
October 30, 2003 |
Merrill CEO: We're Hiring Stan O'Neal, chairman and chief executive officer of Merrill Lynch, says the company is accelerating its hiring of financial advisors. |
