6th Circ. Revives ERISA Suit Over Advest Comp Plan

Law360, New York (September 23, 2011, 6:15 PM EDT) -- The Sixth Circuit ruled Friday that even though a lower court was correct to determine that a compensation plan at Merrill Lynch & Co.'s Advest Inc. securities brokerage violated employment law, it should have first ordered an additional administrative review.

The dispute centers around a plan Advest set up to award extra, deferred cash compensation to its account executives. After Merrill bought Advest in 2005, about 10 account executives left and filed suit when the company denied them extra benefits.

A three-judge panel for the Sixth...
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