Black Merrill Lynch Brokers Lose Retention Bonus Discrimination Suit

Wednesday, March 30, 2011 22:03
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Black Merrill Lynch Brokers Lose Retention Bonus Discrimination Suit

Claims that Merrill Lynch systematically gave brokers of color lower retention bonuses during the firms merger with Bank of America have as yet met with deaf ears.

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The class action suit against Merrill was dismissed in another demonstration of judge Robert Gettleman's antipathy for the brokers' case.

 

Gettleman believes that the African-American advisors simply earned lower payouts because their overall production was lower.

 

The advisors argue that the firm's culture steered new accounts away from them, curtailing their ability to build their books.

 

Significantly, a similar suit against Merrill by female reps was settled out of court.

 

 

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