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.
The payout in the suit, which was filed on behalf of 700 black brokers who worked for Merrill, would be the largest sum ever distributed to plaintiffs in a racial discrimination suit against an American employer, according to the New York Times.
The preliminary settlement was confirmed to the newspaper by a spokesman for Merrill Lynch and Linda Friedman, a Chicago lawyer who represents the brokers. (http://link.reuters.com/wes62v) “We are working toward a very positive resolution of a lawsuit filed in 2005 and enhancing opportunities for African-American financial advisers,” Bill Halldin, a spokesman for Merrill Lynch, told the paper.
Merrill Lynch and Stowell & Friedman, the law firm representing McReynolds, could not immediately be reached for comment by Reuters outside of regular U.S. business hours.
article by Seth Wenig, AP via nbcnews.com
Thе FTC saуs that you have the oρtion to requeѕt all three reports at onсe or to order one report at a time, which iis
true. Make sure that paymments have been reporteԁ
accuгately and that any debts that have beеn consolidated or paid off are clearly marked.
They encourage baԁ credit people for Debt consolіԁation loans.
If you have multiple cards then first pay of the debts.
Sometimes, creditors may eveen mistake yoou fοr
someоne else аnd will put information on уour credit report that ԁoesn’t apply to you.
[…] who claimed the firm discriminated because of their race. Five years ago, Bank of America Corp.’s Merrill Lynch resolved a race discrimination suit for $160 […]
[…] who claimed the firm discriminated because of their race. Five years ago, Bank of America Corp.’s Merrill Lynch resolved a race discrimination suit for $160 […]