Merrill Lynch Gets Early Nod for $20 Million Deal in Race Suit

Merrill Lynch received initial approval for a nearly $20 million settlement over race bias claims brought by a class of Black financial advisors.

The workers’ claims would likely succeed at trial, and several other necessary factors also weigh in favor of preliminarily approving the settlement agreement, said Magistrate Judge Laura Lothman Lambert with the US District Court for the Middle District of Florida in her Feb. 7 recommendation.

The proposed class alleged that Merrill Lynch; Pierce, Fenner & Smith Inc.; and its parent company, Bank of America, paid Black employees working as financial advisors, financial advisor development program trainees, and ...