Posts Tagged ‘damages’

Merrill Lynch Defrauded Stockbroker Employees out of Deferred Compensation – Over 10 Million Awarded

June 1st, 2012

$10.2 awarded to former ML brokers; More lawsuits to follow

Two former Merrill Lynch (ML) stockbrokers have been awarded a total of $10.2 million by a Financial Industry Regulatory Authority (FINRA) arbitration panel in their suit against the firm for deferred compensation fraud.

Rubbish Art - Bank of America Merrill Lynch London

In a written report, the panel found ML guilty of breach of contract, negligence, fraud, and “intentional misconduct” in its handling of deferred compensation settlements.

The FINRA panel awarded Tamara Smolchek $4.3 million in compensatory damages plus $3.5 million in punitive damages. Meri Ramazio was awarded $875,000 in compensation for her losses and an additional $1.5 million in damages.

ML is appealing the decision.

More lawsuits in the offing

Approximately 3,000 stockbrokers left ML after the company was acquired by Bank of America in November 2008.  Not a single broker received vesting rights—despite ML’s deferred-compensation policy, which states that employees who leave the company for “good reason” are eligible for rights to the money in their tax-deferred accounts.

Needless to say, many more former ML brokers are now seeking compensation through the court system.

If you are a broker who was denied deferred compensation by Bank of America/ Merrill Lynch, contact the securities fraud attorney Daniel Carlson at Carlson Law today for a free consultation 619-544-9300.

Carlson Law Firm Website http://www.securities-fraud-attorney-san-diego.com/

 

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Posted in Negligent Misrepresentation | Comments (0)

Is It Really Too Late? Fraud, Statutes of Limitations & Recovering Investment Losses

May 26th, 2011
Wall Street, Manhattan, New York, USA

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Although it’s been three years since financial misconduct on Wall Street rocked the nation, investors still have opportunity to recoup some or all of their financial loss.

If you suffered financial loss during the recent crisis, your broker, brokerage or financial advisor may be legally responsible for that loss. A variety of legal actions can be brought against financial professioals for malpractice, such as negligent investment misrepresentation for making inappropriate investment product recommendations, intentinal securities fraud and inapropriate account turnover/excessive trading or “churning” to name only a few examples.

“Each state has different statutes of limitations for different kinds of claims,” explains Daniel Carlson of Carlson Law, a securities litigation firm in San Diego. “Your ability to file for damages depends on where you live and the kind of claims you have. While one state may have a three-year statute of limitations for all claims, others may have deadlines as long as 10 years for claims like breach of fiduciary duty. And in some states, the ‘discovery rule’ applies to fraud. That means the statute of limitations’ clock doesn’t start ticking until an investor ‘discovers’ he or she has been defrauded.”

Defrauded investors may also be able to file claims in more than one state. “It depends upon where you live, where you transacted business with your broker and whether the account agreement has a ‘choice of law’ provision indicating the state law that applies in the event of any claims,” Carlson says.

“And of course there’s more than one way to file a claim,” he adds. “If there are several options available, a good litigator will choose the state and the claims that give their clients the best chance of success.”

Did you experience financial loss due to your financial advisor’s misconduct? Did your broker lie to you about an investment? Did he or she give you advice inappropriate to your financial goals? Don’t wait any longer to fight for the compensation you deserve. Remember, legal deadlines do exist, and your time could be running out.

To discuss your options, contact Carlson Law at 619-544-9300 for a free consultation with an experienced investment recovery lawyer.

“Even if claims seem to have exceeded the applicable statute of limitations, defrauded investors should still contact an attorney,” Carlson advises. “By using all the legal means at their disposal, securities fraud attorneys can sometimes still recover client losses through arbitration even after a statute of limitations has expired.”

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Posted in Broker Fraud, Fiduciary Duty Breach, Investment Fraud, Negligent Misrepresentation, Securities Arbitration, Securities Fraud, Securities Law, Securities Litigation, Stock Fraud, Stock Loss | Comments (2)