June 15, 2024

Reduction of Promissory Note Obligations

Reduction of Promissory Note Obligations and Our Unmatched Guarantee To Clients Whose Retention We Accept

Often brokerage firm’s offer prospective employees an advance of funds in order to attract them to the firm in exchange for the signing of a promissory note. However, sometimes, firms then take away resources or compensation or create conditions which in effect force the employee to leave from their employment prematurely. Often times the brokerage firm will then pursue the employee to reimburse the firm for the upfront funds paid to the employee.

The Meissner firm is often retained to represent stock brokers / associated persons who have switched employers for various reasons and now wish to negotiate a reduced financial obligation and/or payment plan with respect to the remaining financial debt owed to their prior employer. In such circumstances the firm reviews the circumstances under which the employee left the prior firm and the basis upon which they initially joined the prior firm. Often times either they were the subject of some sort of discrimination or were not provided with the support/compensation promised when they were first solicited to join the prior firm. Other times the former firm’s actions negatively impacted the adviser’s business causing negative financial consequences to the adviser leading to the ultimate departure of the representative.

Under such circumstances the adviser may have either a basis to actually bring a claim against their prior firm and/or based on legitimate potential counterclaims use the realistic threat of a claim filing as leverage, from which to negotiate a reduced payment obligation or payment plan. Due to its reputation of screening cases and actually pursuing arbitration matters the Meissner firm has had much success under such circumstances in negotiating hundreds of thousands of dollars in reduced payment obligations and/or payment plans on behalf of representatives. The firm has represented employees of Merrill Lynch, UBS, Morgan Stanley, Ferris Baker Watts, Citigroup Smith Barney, JP Morgan Chase, Bank of America Securities, and many others.

The firm typically is retained on a flat fee basis for such representation which excludes the actual filing or actual representation in an arbitration proceeding which representation can be arranged on an hourly basis. Please contact our firm to learn of our firm’s Guarantee to our clients on such Promissory Note retention. Also please visit our entirely FINRA Attorney web site expanding on FINRA related claims and  law.