Wall Street Race Discrimination Lawsuit Settles for $160 Million

By Thomas McKinney

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.

About the Author
Tom McKinney is an experienced NJ Employment Lawyer in all major areas of labor and employment law, including discrimination, harassment, overtime violations, wage and hour claims, sexual harassment, wrongful discharge, Title VII, ADA, ADEA, FMLA, LAD, FLSA, and all other employment law claims. Tom is admitted to practice in the States of New Jersey and New York, United States District Court for the Eastern District of New York, Southern District of New York, District of New Jersey, and United States Court of Appeals for the Third Circuit. Prior to forming the firm, Tom practiced at Gibbons P.C. in Newark, NJ. If you have any questions regarding this article, contact Tom here today.