Reported 4 months ago
Merrill Lynch has agreed to pay nearly $20 million to settle a class-action lawsuit alleging racial discrimination against its Black financial advisers. The lawsuit accused the company of underpaying, promoting less, and terminating more African American advisers compared to white colleagues, leading to fewer advancements to senior roles. The settlement includes compensation for about 1,375 class members, programmatic relief like reviewing diversity initiatives, and training. While not admitting wrongdoing, Bank of America, which owns Merrill, aims to focus on assisting Black financial advisers and clients, noting a significant increase in Black advisers and team representation over the past decade.
Source: YAHOO