"Merrill Lynch agrees to pay nearly $20 million to settle class action racial discrimination lawsuit," 31 May 2024

Merrill Lynch has agreed to pay nearly $20 million to settle a class-action lawsuit that accuses the Wall Street brokerage giant of racially discriminating against its Black financial advisers.

The lawsuit alleges that African American advisers employed by... Merrill received less compensation and promotions than their white counterparts — and were terminated at higher rates than their white colleagues, with fewer advancing to more senior roles. The case alleges that this was a result of discriminatory practices at the company...

According to a May 24 motion for settlement, Merrill has agreed to pay $19.95 million... The plaintiffs expect there are about 1,375 eligible class members.

Merrill does not admit to any wrongdoing under the settlement’s terms.