Eccleston Law is pleased to announce that its attorneys are continuing investigation to offer representation to former Merrill Lynch (Bank of America) financial advisors with unpaid Financial Advisor Capital Accumulation ("FACAAP"), Wealthbuilder, Growth Award, and Long Term Incentive Compensation ("LTICP") deferred compensation.
Prior to 2009, the FACAAP provided for awards to eligible employees in Merrill Lynch’s Global Wealth Management division generally based upon their prior year’s performance. Payment for an award was contingent upon continued employment for a period of time and subject to forfeiture during that period. Awards granted in 2003 and thereafter are generally payable eight years from the date of grant in a fixed number of shares of Bank of America common stock. For outstanding awards granted prior to 2003, payment is generally made ten years from the date of grant in a fixed number of shares of Bank of America common stock unless the fair market value of such shares is less than a specified minimum value, in which case the minimum value is paid in cash. FACAAP is no longer an active plan and no awards were granted in 2009. At December 31, 2009, there were 26 million shares awarded under FACAAP outstanding, of which 6 million shares were granted prior to 2003. The weighted-average fair value of awards granted under FACAAP during 2008 and 2007 was $45.04 and $83.30 per award, respectively.
When Bank of America acquired Merrill Lynch in September 2008, it negotiated certain deal terms affecting deferred compensation for the financial advisors. Namely, as part of the acquisition documents, a "change in control" clause was triggered that affected the way certain deferred compensation plans vested. The affected plans include the FACAAP, Wealthbuilder, Growth Award, and Long Term Incentive Compensation ("LTICP") plans. As structured, if a broker with the firm leaves for "good reason" as defined by the plan documents, Merrill Lynch is required to pay must immediately vest and pay the departing awards.
If you are a broker who left Merrill Lynch after August of 2008 to join another brokerage, you may be able to recover your unpaid FACAAP, Growth Award, Wealthbuilder, or Long Term Incentive Compensation ("LTICP") deferred compensation.
Eccleston Law represents financial advisers nationwide in regulatory, compliance, disciplinary and employment matters in arbitration, litigation, and before regulatory bodies such as the SEC, FINRA and state securities regulators. If you are a former Merrill Lynch broker with an unpaid FACAAP, Growth Award, Wealthbuilder, or Long Term Incentive Compensation ("LTICP") deferred compensation, contact one of our attorneys at 312-332-0000 to discuss your case.
FinancialCounsel.com, hosted by James J. Eccleston, is a companion website to this blog, along with EcclestonLaw.com. It contains complementary material of general interest to investors and financial services professionals. Investors will find material on securities arbitration to recover investment losses; industry and financial markets intelligence; and strategies for estate planning. Professionals have access to material on broker/adviser registration, regulation, compliance and disciplinary proceedings; industry and financial markets intelligence; strategies for estate planning; and broker/adviser employment litigation and injunctions, including defamation and non-competition/solicitation issues. 
