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Merrill Lynch Settles $20 Million Racial Discrimination Lawsuit – Check It Now!

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Merrill Lynch settled a $20 million lawsuit for racial discrimination against Black advisers.

Bank of America’s Merrill Lynch Settles Discrimination Lawsuit for $20 Million, Commits to Diversity Initiatives

Merrill Lynch has agreed to settle a lawsuit accusing it of racial discrimination against its Black financial advisers. The settlement totals almost $20 million and addresses claims that Black advisers received less pay fewer promotions and higher termination rates than white colleagues. The lawsuit, filed in Florida alleges systemic discrimination within Merrill.

The settlement includes a payment of $19.95 million with individual compensations for around 1,375 eligible class members. Merrill also commits to reviewing diversity initiatives and ensuring pay equity, according to the report of PBS.

Bank of America, Merrill’s parent company, says the settlement allows them to focus on supporting Black advisers and their clients. They highlight efforts over the past decade to improve diversity and inclusion.

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(photo: Citywire)

Merrill Lynch Discrimination Settlement Marks Progress in Long-standing Legal Battle

The legal process began with correspondence in September 2020, leading to ongoing negotiations. A separate lawsuit in Michigan was voluntarily dismissed in November 2022 to aid settlement talks. This settlement is a significant step in addressing racial discrimination allegations at Merrill.

A similar settlement occurred in 2013, where Merrill agreed to pay $160 million and implement diversity measures. These repeated allegations emphasize the ongoing challenges in fostering diversity and inclusion in finance.

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