Possible BAI class action law suit
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I know a few more guys that have had the same experience with B of A, apparently, B OF A is starting to give problems to their pathways guys.
VERY IMPORTANT PEOPLE (this can save you a lot of money -- send me a gift)----- ONE OF THE MANY REASONS I LEFT BAI WAS BECAUSE OF THE NEW PAY PLAN THAT THEY ROLLED OUT IN 2009... DROPPING SOME OF OUR PAYOUTS BY 5 TO 30 PERCENT!!..again..
WHEN I LEFT, MY HEALTHCARE WENT FROM $450 A MONTH TO $1100 WITH COBRA.... I CALLED THE BAI PERSONEL AND THEY TOLD ME THAT I DID NOT QUALIFY FOR THE COBRA CONTINUATION COVERAGE AND ASSISTANT ACT BECAUSE I RESIGNED..... SO I STARTED PAYING THE COBRA ETC..... A FEW MONTHS LATER A FRIEND TOLD ME, "THAT JUST BECAUSE YOU RESIGNED DOESNT MEAN YOU DONT QUALIFY..." SOOOOOOO I CALLED THE BANK BACK AGAIN AND THEY SAID NOOOOOOO... SO I CALLED THE U.S. DEPARTMENT OF LABOR AND THEY RETURNED MY CALL!!!....(CANT FIND HIS NUMBER), BUT HE DIRECTED ME TO THEIR WEBSITE.. WWW.DOL/GOV AND THE TOLD ME TO LOOK AT IRS NOTICE 2009-27 http://www.irs.gov/pub/irs-drop/n-09-27.pdf... AND HAD ME READ TO HIM PAGE 7 #Q-7 AND HE EXPLAINED THAT I QUALIFIED....ECT... SO HE HAD ME FILL OUT THE ONLINE form-- THE "APPLICATION FOR REVIEW OF DENIAL OF COBRA FORM -- ON THEIR WEBSITE. ETC.... I GOT A CALL AND QUALIFIED !!!!! the US. DEPARTMENT OF LABOR DETERMINED THAT I WAS INVOL. TERMINATED DO TO THE PAY CUTS... MY HEALTHCARE IS CHEAPER NOW THEN WHEN I WAS WORKING FOR BAI.... (for at least 9 months)... HOPE THIS HELPS!!Interesting, I looked into these guys and there are some serious name brand attorneys involved. Looks like this will not be a class but many arb’s. BofA should be nervous. VERY nervous.
In case anyone is interested these are the people who have agreed to litigate our cases. Climaco, Lefkowitz, Peca, Wilcox & Garofoli Co., LPA, Luque Geragos Marino LLP and the Piscitelli Law Firm They are doing this on a contingency basis and are interested in gathering as many plaintiffs as possible to strengthen the individual cases as well as demonstrate a clear and distinct pattern of willful misrepresentation during the hiring process. If you have any interest in discussing your situation please contact me via a private message.
U2,
Thanks for putting in the legwork. I will be contacting those firms. Just curious, have you already left BAI? If so, which route did you take...(indipendent or other)? Signed, Will never work for a wirehouse again.robbedbybofa,
ALL CAPS for a sentence means you're yelling. For a whole paragraph, it sounds like you're screaming.IT"S TIME TO FIGHT BACK:
Some of the affected agents have retained counsel to represent them in connection with this matter. If anyone has similar issues or information which they believe would be helpful, and you would like or are willing to discuss it with these lawyers, you are encouraged to contact them as follows: In the midwest: John R. Climaco 877-621-1228 [email protected] West Coast: Mark J. Geragos 213-625-3900 [email protected] East Coast: Daniel Marino 202-223-8888-- [email protected]I would suggest a new thread as this is not a class but will be ind actions with the benefit of multiple disclosures.
[quote=U2]IT"S TIME TO FIGHT BACK:
Some of the affected agents have retained counsel to represent them in connection with this matter. If anyone has similar issues or information which they believe would be helpful, and you would like or are willing to discuss it with these lawyers, you are encouraged to contact them as follows: In the midwest: John R. Climaco 877-621-1228 [email protected] West Coast: Mark J. Geragos 213-625-3900 [email protected] East Coast: Daniel Marino 202-223-8888-- [email protected] [/quote] Mark Geragos' number and email address was incorrectly typed. Sorry for the confusion, it has been corrected.Wonder if this will make front page? Thierman is no joke.
http://registeredrep.com/advisorland/regulatory/former_citi_broker_sues_over_forgivable_loan_repayment_0813/
Ok, so I spoke to one of these attorneys and they believe we have a strong case. Apparently, they are gathering information from brokers around the country that we can all benefit from in our fight against them. I remember seeing on this forum months ago where someone suggested financial advisors needed a union. Well, we may not have a union but we will have strenght in numbers against BAI.
what if you left BAI and already paid back the note they gave you. do you still think it is worthwhile to talk to the attorneys?
burn baby burn. the old bait and switch by management might end up being another bite in the rear for them.
Former managers and CM’s are lining up to testify! Sure helps our case that they have been let go!
I wish you all the very best. I was very close to making a switch to BAI last December. Two months later, the BOM was gone and all the bankers were fired. While I did not make the move, I feel that I was mislead as to the direction and opportunity at BAI.
I have friends that did move though, and I know they are regretful. I hope you are successful in your lawsuits. They have merit and you deserve to be compensated.You are so lucky you did not go there. It would have been a huge mistake. I would be using the name HAPPY also if I did not go there.
I wanted to give everyone an update. The three law firms representing us have received numerous phone calls. They are working on a contingency basis and have agreements drafted. There is strength in numbers and sharing mutual discovery. We have been dealing with a stacked deck but are now leveling the <SPAN id=lw_1252074749_0 =yshortcuts>playing field. The more reps that share their information the better it is for everyone. So, if you believe that you were misled when you were recruited than please reach out to one of the attorneys. Anyone who was recruited by them in the last five years knows the truth. It is time to unite and fight back. If you fall into the above category or know someone who does, please encourage them to contact these attorneys and/or read this thread