Merrill Lynch Will Pay $160M Settlement in Racial Discrimination Lawsuit
In 2005, a group of 700 black financial advisers filed a lawsuit against Merrill Lynch, one of the biggest brokerage firms on Wall Street, for company-wide racial discrimination. This week, Merrill settled in the largest payout for workplace discrimination in history: $160 million. The New York Times quotes Linda D. Friedman, the lawyer who represents the brokers:
The pool of money, available to all 1,200 black brokers and trainees at the firm since May 2001, is larger than those offered by other corporations sued by employees for racial bias, including Texaco and Coca-Cola, Ms. Friedman said. It also dwarfs recent payouts by other Wall Street firms, including $16 million that Morgan Stanley agreed to pay in 2008 to settle a suit brought by black and Hispanic brokers.
The lead plaintiff, George McReynolds, still works for Merrill after filing the law suit, even after learning that some of his co-workers placed wagers on the outcome of the, often betting against him.
“It’s been a long journey,” McReynolds said, “There were a number of years where we didn’t know where it was going. [But] I never gave up. As long as it was alive, I thought we had a chance.”
(h/t Think Progress)
Latest posts by Dacia Mitchell | Managing Editor (see all)
- [Review] Movies That Still Matter: The Best Man Holiday - November 27, 2013
- We Want Dinesh D’Souza to Fall Down - November 26, 2013
- So Why Are Black Teenagers Hitting Random People Unconscious? - November 20, 2013