Merrill Lynch formally agreed to a $40 million settlement to a class action lawsuit brought by two of its former advisors regarding their deferred compensation on Friday, a decision that will potentially impact more than a thousand advisors.
Under the terms of the settlement, 1,467 former financial advisors with production levels of $500,000 or less are potentially eligible for payment. Depending on the classes named in the settlement that the advisors fall into, they stand to make 40% to 60% based on an award compensation package that was previously in place prior to the merger with Bank of America.
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