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.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access