Judge Approves Settlement Affecting 1,200 Merrill Lynch Investment Advisors

CHICAGO—A federal judge Sept. 4 granted preliminary approval to a proposed $160 million settlement that would resolve a long-running race discrimination class action against the brokerage Merrill Lynch (McReynolds v. Merrill Lynch, Pierce, Fenner & Smith).

Judge Robert W. Gettleman of the U.S. District Court for the Northern District of Illinois signed off on a three-year settlement agreement resolving the claims of more than 1,200 African American current and former investment advisors and advisor trainees at Merrill Lynch. A fairness hearing covering the proposed settlement was scheduled for Dec. 6.

Plaintiffs’ attorney Suzanne E. Bish, a partner with ...