Possible BAI class action law suit
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I have spoken to several of the guys in my area and they are all on board. It is good to see that we are not fighting this alone.
[quote=robbedbybofa]
I am interested and have done a lot of homework on this issue.. please send me an email with your contact info.
you can go to finra.org and read the arbitrations online and a lot of them are deceiving. PLEASE NOTE THAT A LOT OF THE AWARDS SAY, " STIPULATED AGREEMENT" --- WHICH ONLY MEANS THAT THE AWARD SHOWN ON THE FINRA WEBSITE IS ONLY GOOD IF THE TWO PARTIES "SECRET AGREEMENT," (WHICH THEY DONT SHOW) IS NOT MET. A LOT OF BOFA BROKERS ARE SETTLEING FOR PENNIES ON THE DOLLAR.. I SPOKE WITH A FEW OF THEM WHO HAD THE STIPULATED AGREEMENT AND THEY SETTLED FOR 50 CENTS OR LESS ON THE DOLLAR... I ALSO SPOKE WITH ONE OF THE LAWYERS WHO RESPONDS ON REP. AND HE SAID THAT BOFA MAIN GOAL IS TO AVOID SHOWING BROKERS WINNING ON THE FINRA WEBSITE... THEY ARE WORRIED...[/quote] What utter nonsense. Are you trying to bring others down with you? They are not settling for 50 cents or less on the dollar and for you to say that here is irresponsible and misleading. It sounds to me like you are one of these poor unfortunates............Go cry somewhere else.I don’t know what I was thinking when I made the decision go work for a bank five years ago. Ultimately, it was a friend of mine who suggeted I contact BAI. We previously worked together at a large wirehouse. He was having phenomenal results with BAI and their Premier Banking and Investment Model (PB&I). Based on my meeting with a BAI Manager’s promises, I joined.
I'm not going to get into details here, only to say that BAI consistantly over promised and underperformed. Bottom line: THE ONLY REASON TO AGREE TO A LOWER PAYOUT, WORK UNDER A DICTORIAL, FEAR INDUCED, POWER AND CONTROL MODEL IS.....THE REFERRALS GENERATED FROM THE PREMIER BANKING AND INVESTMENT MODEL. PB&I is now History. BAI blew up PB&I, fired 95% of the Premier Bankers and the referrals came to a complete halt! That's not what I signed up for. So, after 5 years with BAI and 20 years in the business, no more referrals and a significantly lower payout, I went independent a few months ago. I cannot even tell you how much stress I left behind. I exceeded my expectations with my transition and will make more income the first year then I would have made staying at The BAI Gestapo. BAI breeched their contract. Period.Does anyone have an update on this potential case? I had a conference call about 10 weeks ago, but havn’t heard a whole lot since and was just looking for a status update.
The attorneys representing us are among the most powerful in the country. They are working on a contingency basis. They are speaking with each rep and gathering their information. They will be using everyone’s information, discovery and testamony to fight each case and bring action against them for damages. There are ex client managers and market directors that will testify. The attorneys believe we have a strong case. Our cases will be much stronger with everyone working together. The only problem I have heard so far is that the attorneys have been slow to respond to calls. So please be patient. If you are having a problem getting in touch with them, send me a pm a I will see if I can help.
I just talked with another x bai rep on 10/7/09… His info can be viewed on the finra arbitration website. On the finra arbitration is says his STIPULATED AWARD WAS 90K PLUS FEES ETC… again stipulated doesnt mean anything unless x broker doesnt meet the turns of the settlement. And the bank and finra are not showing the settlement. He settled for 30 cents on the dollar… And for those who dont believe me or question this, just call some of the guys that have a STIPULATED award. This is the third one I got ahold of and confirmed!!!