Eccleston Law expects the wave of claims to recover benefits associated with FCAPP Growth Award and Wealthbuilder programs to continue, following a second large arbitration award rendered in favor of two former Merrill Reps.
Previously, an arbitration panel awarded two brokers a total of $1.17 million. The latest award is for $5.2 million in compensation damages and $5 million in punitive damages. According to the award, the basis for punitive damages was that Merrill Lynch directly and indirectly through its Senior Management intentionally, willfully and deliberately engaged in a systematic and systemic fraudulent scheme to deprive Merrill reps of their rights and benefits under its deferred compensation programs as well as other benefits to avoid liability after the change in control in September, 2008. Bank of America made fraudulent misrepresentations and coercive tactics against the reps to accomplish its unlawful objective.
If you are a former Merrill Lynch broker, please contact Jim Eccleston at the Eccleston Law Offices at 312-332-0000 to discuss your recovery options.
