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Advisor Sues Merrill Lynch Over Alleged ERISA Violations
Financial Advisor 
May 6, 2024 "The compensation at issue relates to Merrill Lynch's WealthChoice Contingent Award Plan, which holds a portion of each advisor's commissions for eight years, called the 'vesting period.'... Milligan contends that WealthChoice is an employee benefit pension plan, per ERISA, and not a bonus incentive plan that can be forfeited subject to managers' discretion. The firm disagrees.... The charges are similar to others filed by advisors who moved firms, and may be part of a growing trend." [Milligan v. Merrill Lynch, Pierce, Fenner & Smith, Inc., No. 24-0440 (W.D. N.C. complaint filed Apr. 30, 2024)] |
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