Merrill Lynch Rejected by High Court on Broker Bias Suit
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Bank of America Corp.’s Merrill Lynch unit must defend against a race-discrimination lawsuit on behalf of 700 black financial advisers, as the U.S. Supreme Court turned away a company appeal.
The justices today left intact a federal appeals court ruling that let the case go forward as a class action. The suing workers say that they are paid less than their white counterparts and that Merrill’s policies are to blame. Bank of America, based in Charlotte, North Carolina, acquired Merrill in 2009, after the suit was filed.