🎙️ The Breakaway Briefing: Episode Summary
Protecting Your Interests: Barry R. Lax on Deferred Compensation Legal Battles
The financial advisory industry is currently navigating a surge of legal actions, with major firms like Morgan Stanley, Merrill Lynch, and U.S. Bancorp facing lawsuits related to deferred compensation and ERISA violations.
In this crucial episode of The Breakaway Briefing, The Gershman Group CEO Roger Gershman sits down with legal expert Barry R. Lax, a founding partner of Lax & Neville LLP, to analyze these landmark cases.
Barry provides an in-depth analysis of the complexities and potential pitfalls of deferred compensation plans, detailing the recent victories and defeats of these firms in arbitration and court battles. This is essential listening for any financial advisor who has deferred compensation coming their way and needs to understand how to protect their financial interests.
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In This Conversation, You Will Learn:
The Lawsuit Landscape: A detailed look at the landmark lawsuits over deferred compensation, including which major wirehouses are currently involved and the core allegations they face.
Understanding ERISA: An explanation of the implications of the Employee Retirement Income Security Act (ERISA) and how its protections (or lack thereof) affect advisor retirement and deferred compensation plans.
Arbitration vs. Court: Barry dissects the legal strategies and outcomes of these cases, shedding light on the critical differences between arbitration and court battles in the financial sector.
Practical Protection: Crucial, practical advice for financial advisors on the steps they can take to understand their deferred compensation agreements and safeguard their own financial future.
acquisitions necessary to take a growing independent practice to the next level of scale.
Meet the Guests
Barry R. Lax (Founding Partner, Lax & Neville LLP): Barry has an extensive background in commercial, employment, and securities litigation, representing clients in state and federal courts, as well as in arbitrations before the Financial Industry Regulatory Authority, Inc. (“FINRA”), the American Arbitration Association (“AAA”), and others. His expertise is crucial for advisors navigating complex legal terrain.
