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
A pair of Bank of America-Merrill Lynch specialists work at their post on the floor of the New York Stock Exchange in 2011.NEW YORK — .Merrill received less compensation and promotions than their white counterparts — and were terminated at higher rates than their white colleagues, with fewer advancing to more senior roles. The case alleges that this was a result of discriminatory practices at the company, which included a broader lack of support and inequitable teaming opportunities.
As part of the settlement, which still needs a judge's approval, Merrill has also agreed to additional “programmatic relief” — including a review of the company's current and past diversity initiatives as well as analysis of diversity metrics and pay equity. Merrill does not admit to any wrongdoing under the settlement's terms.
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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