FleetBoston Financial Corp. is being sued by brokers from its now-defunct Robertson
Stephens investment bank, who said FleetBoston violated their
employment rights, the San Francisco Chronicle reported.
The suit, filed in federal court in San Francisco and seeking
class-action status, said FleetBoston withheld severance pay from
brokers, who had effectively been fired, unless they submitted
client accounts to FleetBoston’s retail-brokerage unit, the
newspaper said.
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FleetBoston shut the unprofitable securities firm in July,
after negotiations to sell Robertson Stephens to managers failed,
and there were no outside firms interested in buying it. The
unit’s revenue had plunged as demand for stock sales in technology
companies dried up.
Kevin McGee, a lawyer at Hollister & Brace representing the
Robertson Stephens brokers, told Bloomberg News in an interview
that the suit seeks “multiple millions of dollars,” though that
could change depending upon how many former brokers join the suit.
The number could total between 45 and 95 people, he said.
Bloomberg News
