November 15, 2024 11:52 pm
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Merrill Lynch to pay $160 million to settle racial bias lawsuit

George McReynolds, the lead plaintiff in a class-action discrimination lawsuit against Merrill Lynch /Chicago Tribune
George McReynolds, the lead plaintiff in a class-action discrimination lawsuit against Merrill Lynch /Chicago Tribune

(Reuters) – 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.

Continued:

If you’d like to discuss employment or health care law, contact David Weissman, dweissman@roselawgroup.com

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