Merrill Lynch has agreed to pay nearly $20 million to settle a class-action lawsuit that accuses the Wall Street brokerage giant of racially discriminating against its Black financial advisers.
FILE - A pair of Bank of America-Merrill Lynch specialists work at their post on the floor of the New York Stock Exchange Monday, Jan. 10, 2011. Merrill Lynch has agreed to pay nearly $20 million to settle a class-action lawsuit that accuses the Wall Street brokerage giant of racially discriminating against its Black financial advisors.
According to a May 24 motion for settlement, Merrill has agreed to pay $19.95 million — which, beyond attorney fees and administration costs, is set to compensate class members with individual payments. The plaintiffs expect there are about 1,375 eligible class members.
Charlotte, North Carolina-based Bank of America, which acquired Merrill in 2008, added that it had “implemented numerous policies and programs over the last 10 years” — including increased training aimed at improving diversity and inclusion. In that time, the company noted, the number of Black financial advisers at Merrill has increased by over 40% and representation on teams has more than tripled.
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