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 With the lawsuit withdrawn, the three now intend to file arbitration complaints to possibly get a "quicker and more friendly result" than an extended motion in federal court, Michael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.