Merrill Lynch Discrimination Suit Gets Class Action Status
- Created: Monday, 27 February 2012 12:46
Roughly 700 African-American reps who worked at Merrill have signed onto the suit over the last six years, arguing that the firm pushed them away from top accounts and into support positions.
However, Merrill has fought back with claims that it's a "progressive" company that didn't want to foster any sort of racist environment.
The lastest round goes to the brokers. Circuit Court judge Richard Posner says he "has trouble seeing the downside" in allowing a class action suit to proceed.
As he points out, what Merrill wanted is irrelevant. If it used race as a factor in human resources decisions, it rings the discrimination warning bells.
This Website Is For Financial Professionals Only
- FINRA Announces Escalation of High-Risk Broker Program
- Board of Governors Authorizes FINRA To File Recruitment Compensation Proposal With SEC
- Are Brokers Fiduciaries, Even Though They Accept Commissions? Yes, Says Financial Advice Ethics Expert Ron Rhoades
- FINRA Considers Proposal Mandating Greater Consumer Access To BrokerCheck Through Web Links