BofA Settles Black Advisers’ Bias Suit for $160 Million
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Bank of America Corp.’s Merrill Lynch unit agreed to pay $160 million to settle a discrimination lawsuit filed by black financial advisers, a lawyer for the plaintiffs said.
The case, filed in 2005, was brought on behalf of one employee and grew to as many as 1,200 class representatives who “persevered through some long odds in this case,” said Suzanne Bish, a lawyer for the plaintiffs.