Panel Orders Merrill Lynch To Pay Former Exec $4M

Law360, New York (July 9, 2010, 4:26 PM EDT) -- An arbitration panel administered by the Financial Industry Regulatory Authority has ordered Merrill Lynch to pay its former global head of real estate investment banking $3.94 million in a contract dispute.

In an arbitration award to Mark R. Patterson dated July 2, the panel found Bank of America NA's Merrill Lynch liable for "breach of contract and breach of covenant of good faith and fair dealing." The dispute was over how much Patterson was owed under various employment agreements when he left Merrill Lynch in early...
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