Bank of America to settle gender bias claims
September 9 , 2013
Bank of America Corp. has announced that it is paying $39M to settle gender bias claims. These claims were made by women in the company's Merrill Lynch brokerage division.
According to the lawsuit, the bank discriminated against the women in terms of opportunities and compensation.
Law firms that represent these women announced the settlement on Friday.
Bank of America bought Merrill in 2009 and Banc of America, which was a brokerage firm owned by the company was later folded into Merrill Lynch.
Around 4,800 workers are eligible for the settlement, which still requires an approval from the court.
Merrill Lynch admits no wrongdoing under the settlement and said "this resolution includes a number of additional and enhanced initiatives that will enrich our existing diversity, inclusion and development programs providing more opportunity for women to succeed as financial advisors."