A racial discrimination class action filed by 1,200 black stock brokers against Merrill Lynch is set to settle for $160 million. If approved by the federal court in Chicago, the settlement would be one of the largest ever in a racial discrimination case.
The class action alleged a pattern of discrimination that resulted in the plaintiffs earning less money than white men at the company. The lawsuit claimed that Merrill Lynch relied on stereotypes, such as suggesting that managers encourage black brokers to “learn to play golf or other activities designed to learn how business gets done in manners (they) might not be familiar with.” The black brokers claimed they were systematically steered away from the most lucrative accounts and leads and, consequently, they couldn’t earn what white counterparts made.
If you are the victim of Wall Street Race Discrimination contact Castronovo & McKinney, LLC at 973-920-7888.