Bank of America settles discrimination lawsuit for USD 160 million

By IVCPOST Staff Reporter

Aug 28, 2013 01:21 AM EDT

The Merrill Lynch unit of Bank of America Corp would be paying USD 160 million as settlement for a discrimination case against African-American financial advisers. George McReynolds filed two cases against Merrill Lynch in 2005. Reynolds works as a financial adviser in Nashville, Tennessee. The lawsuit eventually grew to represent 1,200 class representatives.

Lawyer Suzanne Bish, who represented the plaintiffs, said the settlement agreement would be evaluated on September 3 by a Chicago federal judge. She added that the goal of her clients was to make Wall Street a friendlier place and allow their kids to get the same opportunities to do the job they love doing. Bish said, "Our clients are going to help Merrill and help Wall Street be a more open place for everyone."

In an emailed statement to Bloomberg, Bank of America spokesman Bill Halldin said, "We are working toward a very positive resolution of a lawsuit filed in 2005 and enhancing opportunities for African-American financial advisers."

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