Edelson Lechtzin LLP is investigating whether certain securities brokerage entities violated the Employee Retirement Income Security Act (“ERISA”) by failing to pay deferred compensation to brokers after he or she leaves a company that had a plan that deferred compensation for the brokers until a date in the future.
Does This Apply To You?
Potential victims may be current or former employees who are owed money as deferred compensation. The deferred compensation is defined as a “pension benefit plan” under ERISA and is subject to ERISA’s funding, vesting, non-forfeitability and other requirements.
Illegal Forfeiture Provisions
Many brokerages place a forfeiture clause in their plans such that if the plan participant secures employment with another brokerage entity during a defined time period their deferred compensation is relinquished. Such a forfeiture clause is unenforceable under ERISA and any participant who has had deferred compensation not paid may have a legal claim for these funds.
If there is a forfeiture provision in your plan, you may be able to bring your claims as a class action on behalf of all similarly situated employees who are impacted by such provisions.
Call Or Email Us For A Free Evaluation
If you are a current or former employee at a financial brokerage entity and have been denied deferred compensation due to a forfeiture clause, you may have a legal claim. If you would like to discuss your legal options, please contact us at 844-696-7492 or complete the form below and one of our attorneys will get back to you.