Merrill Lynch's $21M Deal With Ex-Advisers Gets Final OK

Law360, Los Angeles (April 26, 2013, 9:28 PM EDT) -- A New York federal judge on Friday reportedly approved a settlement in which Merrill Lynch & Co. Inc. will pay $21 million to end class action claims brought by its former financial advisers who say they were denied deferred compensation.

The deal got preliminary approval in December, just after Merrill Lynch slightly sweetened it by increasing the amounts brokers can claim and agreeing to pay attorneys from a separate pot. The agreement replaced a proposal approved by U.S. District Judge Alison Nathan in September but fought by attorneys negotiating separate settlements in the case.

Under the settlement, about $16 million of...

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