Reuters reports that many of the 3,300 brokers who left Merrill after Bank of America's purchase of the firm are pursuing claims that the acquisition constituted 'good reason' for collecting their deferred pay.
In the meantime, Reuters reports that a California court overturned a nearly $5m securities arbitration ruling against Morgan Stanley Smith Barney in a case filed by two brokers who said the company broke promises it made when recruiting them.
Judge Lisa Schall of the Superior Court of California in San Diego agreed with Morgan Stanley Smith Barney's arguments that one of three securities arbitrators who heard the case did not disclose ties between some of his family members and the securities industry.
Finally, Reuters reports that a U.S. judge has ruled on a legal spat between two former Soros Fund Management colleagues who launched their own firm in 2005, coming down on the side of a credit analyst who accused his former partner of withholding millions of dollars owed to him.
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