Ex-Merrill Brokers Win $10M In Compensation Row

Law360, New York (April 4, 2012, 9:15 PM EDT) -- A Financial Industry Regulatory Authority arbitration panel on Tuesday told Merrill Lynch to pay $10.3 million to two brokers who alleged that the company failed to make good on contractual deferred compensation obligations after they resigned.

Tamara Smolchek and Meri Ramazio, who left to join Morgan Stanley after Merrill was acquired by Bank of America Corp. in 2008, brought the arbitration proceedings in 2010, leveling claims including breach of contract and fraud.

The change in control at Merrill triggered contractual provisions in their deferred equity compensation...
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