Bank of America and Merrill Lynch have announced a $40 million settlement to a class action lawsuit involving a group of former brokers. Plaintiff’s attorneys litigating the case may have to wait many months after preliminary settlement approval before they actually receive their fees. In the meantime, RD Legal Funding, LLC (“RD Legal”) is ready to provide post-settlement funding to plaintiff’s attorneys with unpaid BoA and Merrill Lynch settlements.

The financial crisis of 2008 nearly destroyed the worldwide economic system. There were so many issues that were overlooked or ignored, including deferred compensation agreements. Merrill agreements stated if there was any change in control of the company, brokers were entitled to an immediate cash distribution of their entire account balance. Merrill eventually merged with Bank of America, which led to the firing of many employees. This caused their agreements to radically change.

The brokers alleged that they weren’t paid by Merrill Lynch prior to the bank merging with BoA in 2008. As part of their compensation package, they were entitled to performance awards and overtime payment. The settlement includes 1400 brokers. The proposed settlement agreement will split the brokers into three different classes in line with their production levels for the firm. It is estimated that most advisers will get 40-60% of their account values under this settlement.

RD Legal can provide Bank of America and Merrill Lynch plaintiff’s attorneys with interim post-settlement funding, which provides immediate capital on unpaid legal fees. Lawsuit financing does not require any kind of payments until the fee is paid. There are no monthly interest or principal payments, and there are no upfront points or fees. Once the necessary documentation is received, RD Legal can wire funds within several days. RD Legal provides personalized service and quick turnaround. If you would like to speak directly with a legal funding specialist, call 1-800-565-5177.

Written by Lulaine Compere.