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Bank of America, Merrill in $39 million gender bias settlement
Source: Reuters
http://www.chicagotribune.com/business/sns-rt-us-bankofamerica-bias-settlement-20130906,0,5731590.story
Bank of America, Merrill in $39 million gender bias settlement
Jonathan Stempel
Reuters
5:13 p.m. CDT, September 6, 2013
NEW YORK (Reuters) - Bank of America Corp agreed to pay $39 million to settle a gender bias lawsuit by female brokers who claimed they were paid less than men and deprived of handling their fair share of lucrative accounts, court papers made public on Friday show.
The settlement was disclosed less than two weeks after news that the bank reached a $160 million settlement with hundreds of black Merrill Lynch & Co brokers who alleged racial bias in pay, promotions and how big accounts were allocated.
About 4,800 current and former female financial advisers and trainees at Bank of America and Merrill, which the bank bought in January 2009, are eligible for the latest settlement.
The lawsuit filed on their behalf accused Bank of America and Merrill of intentionally discriminating by favoring male brokers when awarding pay, allocating client accounts and referrals, and providing professional and marketing support.
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Jonathan Stempel
Reuters
5:13 p.m. CDT, September 6, 2013
NEW YORK (Reuters) - Bank of America Corp agreed to pay $39 million to settle a gender bias lawsuit by female brokers who claimed they were paid less than men and deprived of handling their fair share of lucrative accounts, court papers made public on Friday show.
The settlement was disclosed less than two weeks after news that the bank reached a $160 million settlement with hundreds of black Merrill Lynch & Co brokers who alleged racial bias in pay, promotions and how big accounts were allocated.
About 4,800 current and former female financial advisers and trainees at Bank of America and Merrill, which the bank bought in January 2009, are eligible for the latest settlement.
The lawsuit filed on their behalf accused Bank of America and Merrill of intentionally discriminating by favoring male brokers when awarding pay, allocating client accounts and referrals, and providing professional and marketing support.
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Read more: http://www.chicagotribune.com/business/sns-rt-us-bankofamerica-bias-settlement-20130906,0,5731590.story