Bank of America settles $75 million Merrill Lynch employee lawsuit

B of A settles $75 million Merrill Lynch employees’ ERISA class-action lawsuit.

New York, NY (JusticeNewsFlash.com)–Lawyers for the plaintiffs filed a lawsuit against Merrill Lynch & Company alleging violations of the Employee Retirement Income Security Act (ERISA), in federal court in November 2007. Lawyers for the wronged employees announced the settlement agreement, which was endorsed by a federal judge earlier this year, on Monday as reported by Reuters.

According to court documents, Merrill offered stock as a retirement plan option to employees in the presence of the company’s highly increased exposure to sub-prime mortgages and numerous other types of financial debt and risky investments. Employment law attorneys for the plaintiffs claim offering Merrill Lynch stock to employees from September 2006 through December 2008 was a violation of the federal ERISA pension plan which provides funds for employees retirement. Bank of America, who now owns Merrill Lynch, agreed to the $75 million class action lawsuit settlement and will appear July 27, 2009 in a court hearing for the approval.

JusticeNewsFlash.com New York employment law attorneys litigating ERISA claims.

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Heather L. Ryan, R.N., C.L.N.C- Heather Ryan is a Certified Legal Nurse Consultant with 15 years of experience in the health care industry. Her expertise in reviewing medical records and assisting lawyers with the determination as to whether legal action should be taken provides an invaluable asset to the newsroom. Medical-malpractice, products liability, personal injury and workers’ compensation are some of the recent areas of litigation Ms. Ryan has focused her efforts on. A member of the Florida Justice Association, Heather maintains a long list of certifications and credentials to support her areas of expertise and stays up-to-date with her clinical knowledge working as an emergency room/trauma nurse, at a Level 1, Adult/Pediatric trauma and teaching institution in South Florida.