Brokers Retain Law Offices of Timothy D. McGonigle in Cases Against Merrill Lynch

Principal trial attorney Timothy D. McGonigle represented several brokers in disputes against their former brokerage house, Merrill Lynch. These cases all involve the issuance of loans that were to be forgiven over time, known as Employee Forgivable Loans (EFL), by the brokerage house to the brokers as an incentive to employment. After Merrill Lynch was acquired by a national bank, numerous issues such as harassment and failure to pay commissions, resulted in the brokers’ forced resignation in favor of seeking new employment. Merrill Lynch then sought to recover the balance of the EFLs issued to its former brokers. Mr. McGonigle is representing the brokers in their claims for damages, and defending them against the brokerage house’s suit to recover the balance of the EFLs.