05.31.24

Merrill Lynch Agrees To Pay Nearly $20 Million To Settle Class Action Racial Discrimination Lawsuit

by: Wyatte Grantham-Philips

Merrill Lynch has agreed to pay nearly $20 million to settle a class-action lawsuit that accuses the brokerage giant of racially discriminating against its Black financial advisors. The lawsuit alleges that African American advisors employed by Bank of America-owned 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.

Read the full article on The Associated Press