Merrill Lynch Racial Bias Lawsuit
August 28, 2013 by staff
Merrill Lynch Racial Bias Lawsuit, Bank of America Corp’s Merrill Lynch unit agreed to pay $160 million to settle a racial bias lawsuit that went through two appeals at the United States Supreme Court, the New York Times reported, citing the plaintiff’s lawyer.
Longtime Merrill broker George McReynolds filed the lawsuit in 2005 accusing the brokerage of steering blacks into clerical positions and diverting lucrative accounts to white brokers, resulting in lower pay and fewer career growth opportunities.
The payout in the suit, which was filed on behalf of 700 black brokers who worked for Merrill, would be the largest sum ever distributed to plaintiffs in a racial discrimination suit against an American employer, according to the New York Times.
The preliminary settlement was confirmed to the newspaper by a spokesman for Merrill Lynch andLinda Friedman, a Chicago lawyer who represents the brokers. (http://link.reuters.com/wes62v)
“We are working toward a very positive resolution of a lawsuit filed in 2005 and enhancing opportunities for African-American financial advisers,” Bill Halldin, a spokesman for Merrill Lynch, told the paper.
_________________________________________
Please feel free to send if you have any questions regarding this post , you can contact on
Disclaimer: The views expressed on this site are that of the authors and not necessarily that of U.S.S.POST.
Comments