Merrill Lynch agrees to pay nearly $20 million to settle class action racial discrimination lawsuit

By WYATTE GRANTHAM-PHILIPS
AP Business Writer

NEW YORK (AP) — Merrill Lynch has agreed to pay nearly $20 million to settle a class-action lawsuit that accuses the Wall Street brokerage giant of racially discriminating against its Black financial advisers. The lawsuit alleges that African American advisers 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. Merrill does not admit to any wrongdoing under the settlement’s terms.