Merrill Lynch $160 Million Discrimination Settlement Goes to Judge

Merrill Lynch $160 Million Discrimination Settlement Goes to Judge

Merrill Lynch is seeking approval of a $160 million settlement from a judge who is set to hear arguments today from the bank’s attorneys and lawyers representing at least 1,000 Black advisers.

Published September 3, 2013

A U.S. District Court judge will hear arguments today from attorneys representing at least 1,000 African-American advisers of Merrill Lynch, who are seeking approval of a $160 million racial discrimination settlement, according to Bloomberg News.

The company agreed to pay the large amount on Wednesday, after an eight year court battle between the parties involved. Judge Robert Gettleman had previously rejected the discrimination claims, but his decision was overruled on appeal.

The original lawsuit filed in 2005 claimed that Merrilll Lynch did not provide equal opportunities for Black employees as it did whites. The plaintiffs are seeking more involvement in how the company goes forward in creating opportunities for African-American employees. 

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Written by Natelege Whaley


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