Liddle & Robinson Attorneys at Law New York City

News Item

Stephen Brooks v. Merrill Lynch Investment Managers LP - 5/21/2008

Award Amount- $210,000.00

Details: L&R's client, Stephen Brooks, was a Florida-based wholesaler for Merrill Lynch Investment Managers LP (MLIM). When Blackrock acquired a majority interest in MLIM in 2006, Brooks lost his job as part a corporate restructuring. MLIM refused to pay Brooks severance pay under its severance pay plan and policy. Brooks sued MLIM under ERISA for violating his rights (he also brought a claim for an unpaid commission). After a three-day hearing in April 2008, a FINRA arbitration panel awarded Brooks virtually everything he was entitled to receive under the severance pay plan, including a cash payment of $94,076, an award of stock and options with a value of approximately $60,000 and an award of attorney's fees in the amount of $55,000. David Feldstein, an L&R associate, assisted on the case.

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