CHICAGO (AP) — Lawyers for hundreds of black financial advisers have reached a $160 million settlement in a lawsuit accusing Wall Street brokerage giant Merrill Lynch of racial discrimination, a plaintiffs' attorney said Wednesday.
If approved by a federal judge in Chicago as expected, the payout by Merrill Lynch to around 1,200 plaintiffs would be one of the largest ever in a racial discrimination case, Chicago-based attorney Suzanne E. Bish said.
Bank of America-owned Merrill Lynch — one of the world's largest brokerages with more than 15,000 financial advisers — issued a statement Wednesday saying only, "We're not at this point commenting on the existence of the settlement nor the status of a settlement."
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