Merrill Lynch and plaintiffs reach $160M settlement
Bank of America-owned brokerage giant Merrill Lynch, one of the world’s largest brokerage firms with more than 15,000 financial advisers, and the lawyers for hundreds of its African-American financial advisers, who accused the company of racial discrimination, reached a $160 million settlement on Wednesday, August 28.
Merrill Lynch issued a statement on the same day saying that they will not comment on the “existence of a settlement [nor its status].” The company maintained that it practices fair standards among all its employees, saying that all its financial advisers are “judged by the same metric regardless of race.”
However, the plaintiffs claimed discrimination prevailed in the company, citing as proof a 2009 filing that only 2 percent of the brokers at Merrill Lynch were black.
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