BoA Merrill to settle race suit

City A.M. Reporter
BROKERAGE firm Merrill Lynch has agreed to pay $160m (£103m) to settle a class-action race discrimination lawsuit brought by a longtime US employee, an attorney for the plaintiffs confirmed on Wednesday.

More than 1,200 current and former Merrill Lynch employees could be eligible to take part in the settlement, one of the largest sums obtained from an employer in a race bias lawsuit.

“We are working toward a very positive resolution of a lawsuit filed in 2005 and enhancing opportunities for African American financial advisers,” a Bank of America spokesman said.