| Black Merrill Lynch Brokers Lose Retention Bonus Discrimination Suit |
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| Thursday, March 31, 2011 03:03 |
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Claims that Merrill Lynch systematically gave brokers of color lower retention bonuses during the firms merger with Bank of America have as yet met with deaf ears. This Website Is For Financial Professionals Only
The class action suit against Merrill was dismissed in another demonstration of judge Robert Gettleman's antipathy for the brokers' case.
Gettleman believes that the African-American advisors simply earned lower payouts because their overall production was lower.
The advisors argue that the firm's culture steered new accounts away from them, curtailing their ability to build their books.
Significantly, a similar suit against Merrill by female reps was settled out of court.
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Scott Martin has been covering the financial markets since 1996 and the securities business since 2001. He was a long-time columnist for Research, market writer at CNNfn.com, and editor of Buyside; his work currently appears in publications like The Trust Advisor, Institutional Investor, and EmergingMoney.com.








