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Registered Rep.
March 3, 2006
Halah Tourylai
Third Wirehouse Coughs Up Millions In Overtime Cases Yesterday, Morgan Stanley became the third wirehouse, after Merrill Lynch and UBS, to settle class action suits with California brokers over overtime pay in the past seven months -- the second in three weeks. mark for My Articles similar articles
Registered Rep.
November 29, 2006
Halah Touryalai
Merrill Lynch to Pay National Overtime Settlement The financial firm has decided to consolidate the numerous overtime lawsuits that have been filed against the firm and settle nationally with its brokers. mark for My Articles similar articles
Registered Rep.
September 1, 2005
Kristen French
Ready to Punch a Time Clock Merrill Lynch paid $37 million to settle claims that it owes thousands of former brokers overtime pay. Now, class-action attorneys smell blood. mark for My Articles similar articles
Registered Rep.
December 1, 2005
Kristen French
Where's My Money? After California brokers won $37 million in an overtime lawsuit against Merrill Lynch in August, a slew of copycat lawsuits have been filed against other brokerage firms, many of them in New York. mark for My Articles similar articles
Registered Rep.
June 1, 2006
Halah Touryalai
Overtime Settlements Stacking Up Citigroup agreed in mid-May to pay a record $98 million to past and present advisors to settle their overtime-pay claims. It's the fourth major financial firm to settle a class-action suit regarding overtime pay within the past 10 months. mark for My Articles similar articles
Registered Rep.
September 14, 2005
Kristen French
Overtime Pay, Chargebacks Under Fire; Morgan Stanley Latest Firm in Lawyers' Sights A $450 million class-action lawsuit filed in New York against Morgan Stanley on Friday could have major implications for brokerages' pay practices in the state. mark for My Articles similar articles
Registered Rep.
March 1, 2006
John Churchill
Everybody Wants Their Overtime UBS said it has agreed to pay $89 million to settle class-action wage and hours claims of reps filed this past summer in several federal courts. mark for My Articles similar articles
Registered Rep.
May 22, 2006
Halah Touryalai
Brokers Ring Up Another Big Overtime-Pay Settlement Citigroup has agreed to pay a up to $98 million, a record-breaking figure, to past and present advisors to settle their overtime-pay claims. mark for My Articles similar articles
Registered Rep.
August 8, 2006
Halah Touryalai
A.G. Edwards' Challenge to OT Pay Fails Are registered reps hourly employees and, therefore, entitled to overtime? The overtime-pay case keeps getting stronger. A California court announced that it would not dismiss an overtime-pay case brought against A.G. Edwards. mark for My Articles similar articles
Registered Rep.
July 14, 2008
Halah Touryalai
Morgan Stanley Offers $50 million In Overtime Settlement The settlement covers all financial advisors, trainees, producing branch managers, assistant branch managers and sales managers who live outside of California and were employed with the New York-based firm between Sept. 1, 2002, and April 21, 2008. mark for My Articles similar articles
Registered Rep.
February 9, 2006
John Churchill
Pro Or Hourly Wage Earner? UBS Pays $89 Million to Settle Overtime Suits The settlement resolves claims that UBS incorrectly classified financial advisors and financial advisor trainees as exempt from overtime pay under federal and U.S. state laws. mark for My Articles similar articles
Registered Rep.
May 1, 2006
Halah Touryalai
Wall Street Wage Fight An activist labor lawyer's allegations, if correct, raise serious issues on compensation practices at financial institutions. By applying a landmark, Depression-era labor law to the brokerage business, he has settled class-action suits against two wirehouse firms in California already. mark for My Articles similar articles
Registered Rep.
December 1, 2006
Halah Touryalai
Department of Labor to Brokers: No Overtime Pay for You Here is a new twist in the broker overtime pay lawsuits: The Department of Labor (DOL) says brokers are not entitled to overtime pay after all. Well, that is, unless the DOL is wrong, which it allowed could be the case. (No kidding.) mark for My Articles similar articles
Registered Rep.
December 22, 2006
Halah Touryalai
Spitzer Wants More Settlement Dollars for New York UBS Reps New York Attorney General and Governor-elect Eliot Spitzer is asking a Northern California court to disapprove the settlement terms of an overtime suit against UBS. mark for My Articles similar articles
Registered Rep.
November 18, 2005
Kristen French
Smith Barney Cuts Pay for Smaller Brokers The new pay scale was announced to brokers internally in October and will take effect in January. mark for My Articles similar articles
BusinessWeek
September 2, 2010
Moore & Mildenberg
In the Battle of the Big Brokers, Merrill Is Winning Merrill Lynch earns higher profits with fewer advisers, thanks to a smooth integration with Bank of America and more cross-selling. mark for My Articles similar articles
Registered Rep.
September 13, 2006
Halah Touryalai
Morgan Joins Inter-Brokerage TRO Pact This firm has officially opted to join the inter-brokerage pact, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them -- as long as they are moving to another firm named in the pact. mark for My Articles similar articles
Registered Rep.
February 1, 2006
John Churchill
Race Discrimination Cloud Hangs Over Good Year For Merrill Lynch and UBS, allegations of widespread racial discrimination put a damper on an otherwise stellar year for the firms. Both wirehouses were named in separate lawsuits seeking class-action status raised by black brokers who allege a pattern of discrimination at the two firms. mark for My Articles similar articles
Registered Rep.
October 1, 2006
Halah Touryalai
Morgan Joins TRO Pact Morgan Stanley has officially opted to join the inter-brokerage pact, first created in the fall of 2004, which stipulates that members will not sue brokers departing to other firms when they try to take their clients with them. mark for My Articles similar articles
Registered Rep.
April 28, 2003
Will Leitch
Historic Settlement Doesn't Target Brokers -- But You're Hardly Home Free Now that the Wall Street global settlement is official, brokers might be inclined to heave a sigh of relief. Don't. While the settlement will have a lasting impact on the brokerage industry, brokers have been unscathed by the Spitzer investigations -- so far. mark for My Articles similar articles
Registered Rep.
June 27, 2006
Kevin Burke
You Leaving Me?--Mother Merrill Asks Some Top Producers If They're Fixin' to Depart If you are one of Merrill Lynch's best financial consultants and you have been flirting with other brokerages or financial-planning firms, watch out: You could get hit with a Merrill loyalty statement. mark for My Articles similar articles
Registered Rep.
August 24, 2007
Halah Touryalai
Overtime Claims Make Their Way To Schwab The lawyers involved in a number of overtime cases against major wirehouse firms, including UBS and Merrill Lynch, filed a new one against Charles Schwab in July. mark for My Articles similar articles
Registered Rep.
September 8, 2006
Halah Touryalai
Merrill Discrimination Suit Moves Forward After Failed Settlement Talks The racial-discrimination suit against Merrill Lynch is under way again after settlement talks between African-American brokers and the firm came to a halt in early June. mark for My Articles similar articles
The Motley Fool
August 25, 2005
Selena Maranjian
Should Brokers Get Overtime Pay? Commissions. That's an important word to consider when you think about how your broker may be serving you. For most investors, a solid online brokerage with low fees and a broad range of services is all one needs. mark for My Articles similar articles
Registered Rep.
December 1, 2002
Ross Tucker
Happy Holidays! You're Fired. The ax will fall at year's end for some 700 of 13,500 Morgan Stanley brokers. Some branches will be closed entirely. mark for My Articles similar articles
Registered Rep.
May 1, 2005
Richard Roth
The Worst is Over---Probably It's clear then that brokerage firms and retail brokers alike will be glad when the all-clear has sounded and Wall Street can stop looking over its shoulder and get back to work. mark for My Articles similar articles
Registered Rep.
July 28, 2005
Kristen French
Morgan Confirms Trainee, Broker Cutbacks In an internal memo, co-president Zoe Cruz announced the company would reduce the number of trainees it hires to 1,000 in 2006, from 2,400 this year, while continuing to recruit experienced brokers who focus on high-net-worth clients. mark for My Articles similar articles
Registered Rep.
February 24, 2012
Kristen French
Due Diligence: Seven Years Later, Merrill Broker Discrimination Class Action Gets go Ahead The lawsuit will go to court in April, and then the judge will set a date for trial. mark for My Articles similar articles
The Motley Fool
July 19, 2006
Selena Maranjian
Find the Right Broker When it comes to handling your investments, one size doesn't fit all. Shop around. mark for My Articles similar articles
Investment Advisor
July 2006
Kathleen M. McBride
B/d Briefing: Two Faces of Wall Street Few financial professionals expect to work a 40-hour week on Wall Street. So it was surprising to see the extent of rep participation in class-action lawsuits over broker overtime, and the astounding settlements that have been awarded. mark for My Articles similar articles
Registered Rep.
July 1, 2006
Halah Touryalai
Ready to Punch the Clock? Most registered reps compare themselves to professionals, such as doctors and lawyers. However, it seems that according to an interpretation of federal law, financial advisors may be held to the same labor law standards as an hourly employee. mark for My Articles similar articles
Registered Rep.
August 17, 2005
Kristen French
Gorman to the Rescue? Now that James Gorman has been selected as the future head of Morgan Stanley's retail brokerage, what will he do to turn it around, and can he pull it off? mark for My Articles similar articles
Registered Rep.
June 1, 2005
Kristen French
Star Wars Recruiting competition between the top brokerage firms is fiercer than ever, and Morgan Stanley is currently wielding one of the most powerful deals on Wall Street. mark for My Articles similar articles
Registered Rep.
December 1, 2005
Kristen French
Morgan Brokers Still Heading for Exits There has been a parade of top brokers who have left Morgan Stanley in recent months. The losses, which began under embattled former CEO Phil Purcell, have not abated since his replacement, John Mack, arrived in June. mark for My Articles similar articles
Registered Rep.
March 16, 2007
Halah Touryalai
900 Down, Only a Handful to Go--Merrill Pays One More Female Broker; Separately, Thousands of Female Morgan Stanley Reps May Settle One of the last claimants from the 1997 class-action discrimination lawsuit against Merrill Lynch collected her reward late last month. Separately, Morgan Stanley has confirmed that it settled with over 3,000 claimants but would not comment further. mark for My Articles similar articles
Registered Rep.
September 25, 2002
Rick Weinberg
NY Attorney General: I Could Have Nailed Merrill on More Serious Charges Eliot Spitzer said he could have pursued criminal charges against Merrill Lynch for its conflicts of interest in its research, but that he didn't want to "destroy" the firm or Wall Street. mark for My Articles similar articles
Registered Rep.
July 21, 2005
Kristen French
On the Gossip Trail: Mack to Replace Schaefer--But With Whom? When Morgan Stanley announced that the head of its struggling retail brokerage unit was stepping down, Wall Street immediately began speculating about who will be chosen as his successor -- and what that successor might augur for the retail brokerage. mark for My Articles similar articles
Registered Rep.
April 19, 2006
Kevin Burke
Merrill's Brokerage Earnings Up Pretax earnings at Merrill Lynch's global private client group rose 27% in the first quarter ending March 31 to $646 million, up from $510 million in the same period a year ago. As might be expected, the division's headcount increased along with profits. mark for My Articles similar articles
The Motley Fool
November 14, 2006
Selena Maranjian
How Steep Are Some Brokerage Fees? Investors, make sure you do your homework before you choose a broker. mark for My Articles similar articles
Registered Rep.
September 19, 2006
John Churchill
Merrill's O'Neal to Be Deposed for Discrimination Suit Stanley O'Neal, chairman and CEO of Merrill Lynch, will be deposed as part of the discovery phase in a race-discrimination suit filed by one of the firm's black brokers. mark for My Articles similar articles
Registered Rep.
February 11, 2008
John Churchill
Retail Financial Advisors' Refrain: Let's Kill The Traders Brokers are bitter these days -- and for good reason. Much of their vitriol is aimed at the traders. mark for My Articles similar articles
Registered Rep.
November 1, 2005
Kevin Burke
Reshuffling the Decks There is an unusual amount of reorganization afoot, with Merrill, Wachovia, UBS, Morgan Stanley and Smith Barney all shaking up their retail brokerage operations. Some of the moves have direct implications for retail advisors. mark for My Articles similar articles
Registered Rep.
August 3, 2011
Kristen French
New Merrill Overtime Lawsuit Aims to Overturn System of Compensation, Alleged Culture of Discrimination The giant Wall Street financial firms have settled numerous overtime pay and discrimination claims over the past decade and a half, but a recent suit filed in New York represents a new twist on some old themes. mark for My Articles similar articles
Registered Rep.
September 22, 2005
John Churchill
Morgan Stanley's Retail Unit Posts Mixed Third Quarter The company's retail brokerage recorded pretax tax profits of $30 million for the third quarter, a healthy 36% gain over last year, despite a continued exodus of advisors and large legal and regulatory costs. But client assets fell versus the prior quarter, an ominous sign. mark for My Articles similar articles
Registered Rep.
March 1, 2005
John Churchill
Earnings Forecast: Clouds Give Way to Sun The past year's earnings troubles belie the brokerage industry's sunny prospects for 2005. For advisors, the industry's recent troubles have translated into fewer jobs, but many firms are recruiting aggressively again. mark for My Articles similar articles
Registered Rep.
August 25, 2006
Kevin Burke
Merrill Fighting Back Against Recent Defections The recruiting war for top brokers remains fierce. The latest evidence of the fight to win million-dollar producers involves the industry's biggest firms. mark for My Articles similar articles
Registered Rep.
September 1, 2005
Kristen French
Gorman to the Rescue? Morgan Stanley brokers should expect a revolution when James Gorman takes the helm of the retail unit. mark for My Articles similar articles
BusinessWeek
October 1, 2007
Michael Orey
Wage Wars Workers - from truck drivers to stockbrokers - are winning huge overtime lawsuits. mark for My Articles similar articles
Registered Rep.
February 1, 2006
Kevin Burke
Hired and Fired Up The biggest brokerage businesses are showing that even in a modest market upswing they now have in place a strategy for delivering stronger and steadier sales and earnings growth. mark for My Articles similar articles
Registered Rep.
November 1, 2004
John Churchill
Shaky Third Quarter Gives Advisors Pause The last quarter hasn't been great for retail brokerages. Low trading activity and geopolitical uncertainty kept investors on the sidelines, and advisors are feeling the pinch. mark for My Articles similar articles