trending Market Intelligence /marketintelligence/en/news-insights/trending/Udh3OScS2g1Scm9z_129lQ2 content esgSubNav
In This List

Ex-BofA brokers switch tactics over lost international business

Podcast

Street Talk | Episode 94: Recessionary fears in '22 overblown, Fed could overtighten

Blog

Investment Banking Essentials Newsletter April Edition - 2022

Blog

Banking Essentials Newsletter April Edition - 2022

Blog

Investment Banking Newsletter April 2022


Ex-BofA brokers switch tactics over lost international business

Three former brokers changed strategies in their bid to win damages for lost business against Bank of America Corp., which they accused misled them over Merrill Lynch's then-pending policy changes over international clients, AdvisorHub reported Jan. 18.

Graciela Perez, Jorge Perez and Miguel Sosa first brought the lawsuit in April 2016 and amended it in November 2016. With the lawsuit withdrawn, the three now intend to file arbitration complaints to possibly get a "quicker and more friendly result" than an extended motion in federal court, Michael Taafe, the plaintiffs' lawyer, told the publication.

Some 200 brokers in the firm's international business unit left after the July 2015 policy changes, AdvisorHub cited Taafe as saying. The lawyer added that around 100 former and current brokers of the firm will likely file arbitration claims.