Merrill Lynch agrees to settle racial bias suit for $160 million
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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 and Linda Friedman, a Chicago lawyer who represents the brokers.
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 and Linda Friedman, a Chicago lawyer who represents the brokers.
Comments
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Bank of America...
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Shows you discrimination still exits...
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_exists_
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..yah if you were born yesterday
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so errbody gone get bout $200,000.......not bad but they gone blow that ?
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HAF BAYKED wrote: »so errbody gone get bout $200,000.......not bad but they gone blow that ?
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HAF BAYKED wrote: »so errbody gone get bout $200,000.......not bad but they gone blow that ?
Doubt it...these are finance educated black people... -
Regardless, lawyers are probably going to take a big chunk.
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yeah i thought i read they were all in clerical positions....if they had degrees and stayed to work as paper pushers shame on them
but ? it, i got a clerical position, and i damn sure could blow 200 racks right about now....maybe thats where i got that from lol -
HAF BAYKED wrote: »so errbody gone get bout $200,000.......not bad but they gone blow that ?
Bet they will still be playing powerball every week -
HAF BAYKED wrote: »yeah i thought i read they were all in clerical positions....if they had degrees and stayed to work as paper pushers shame on them
but ? it, i got a clerical position, and i damn sure could blow 200 racks right about now....maybe thats where i got that from lol
As soon as I heard broker, I knew weren't just pushing papers. You have to go through specialized training to become a broker. -
that's why i would never work for a place with lynch in the name. ? i never even drank a lynchburg lemonade.
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can'tyoutell wrote: »HAF BAYKED wrote: »yeah i thought i read they were all in clerical positions....if they had degrees and stayed to work as paper pushers shame on them
but ? it, i got a clerical position, and i damn sure could blow 200 racks right about now....maybe thats where i got that from lol
As soon as I heard broker, I knew weren't just pushing papers. You have to go through specialized training to become a broker.
Ah....overlooked that part -
Anyone gettin a piece of this? hook a whitey up with a loan!
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They getting that deserved bread.
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used to work for BOA then they brought lynch and started shipping positions to india so ? em
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HAF BAYKED wrote: »so errbody gone get bout $200,000.......not bad but they gone blow that ?
Bet they will still be playing powerball every week
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*Never banked with BOA post.*
BOA losing out here, I got inside scoop they shut down like hundreds of thousands of ATMS all over the country and that's supposed to be a pretty ok money maker for them.