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Bank of America Signs Protocol?

By Mark H. Astarita, Esq.

Rumors are circulating that Bank of American has signed the Broker Recruiting Protocol. Does anyone have a signature copy? I would love to see a copy - astarita@beamlaw.comSigning the protocol will be a benefit to the Merrill brokers who are signing the retention bonuses, and a boon to those BoA brokers who have been with the firm.But how much of a benefit is it? BoA is till pressuring brokers to sign their retention agreements by Friday, the same retention agreement that contains language that directly conflicts with the protocol. Which one controls? The answer is, who knows? And the smart money is betting that BoA will take the position that the transition bonus, signed after BoA signed the protocol trumps the protocol. Sound far fetched? Not if you have litigated with banks and firms on behalf of brokers it doesn't...continue to full post

Full post as published by SECLaw.com on November 12, 2008 (boomark / email).