Introduction: Bank of America and Merrill Lynch Sex Discrimination Lawsuit
On March 30, 2010, three female Financial Advisors filed a national class action lawsuit in federal court in New York, charging sex discrimination at Bank of America (BofA) and Merrill Lynch. In 2008, BofA acquired Merrill Lynch, and the respective brokerage divisions were joined under the Merrill Lynch name.
The complaint charged that BofA and Merrill Lynch engaged in a pattern and practice of gender discrimination against their female financial advisors with respect to business opportunities, compensation, professional support, and other terms and conditions of employment.
Update: Court Approves Settlement
In September 2013, class counsel announced a $39 million settlement with Bank of America on behalf of women employed in the United States, Puerto Rico, or Guam as Financial Advisors or licensed Financial Advisor trainees at Bank of America Investments Services, Inc. or Merrill Lynch from August 2, 2007 (and earlier for certain employees) through September 15, 2013.
The settlement includes programmatic relief -- to be overseen by an Independent Monitor -- regarding teaming and partnership agreements, business generation, account distributions, manager evaluations, promotions, training, and complaint processing and procedures, among other things. An Independent Consultant will also conduct an internal study of the bank's Financial Advisor teaming practices. The settlement further establishes a significant monetary fund of $39 million to resolve the Class' and Named Plaintiffs' claims.
In December 2013, the U.S. District Court approved the settlement.
Contact Plaintiffs' Counsel
Current and former Financial Advisors that wish to report their experiences at Bank of America and/or Merrill Lynch or to learn more about the lawsuit are welcome to contact plaintiffs counsel online or call us toll-free at 1-888-886-9359. There is no charge or obligation for our review of your claim. All information will be held strictly confidential.
Copyright © 2014 by Lieff Cabraser Heimann & Bernstein, LLP and Outten and Golden, LLP. No persons pictured on this website are clients of Lieff Cabraser or Outten & Golden. All persons shown in photo images are models and do not personally endorse any business, product, service or other endeavor relating to this website.