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BofA and Merrill Lynch Hit with Class Action Sex Discrimination Suit
By Sarah Pierce
Three female Financial Advisors have filed a national class action lawsuit against Bank of America (BofA) and Merrill Lynch, charging the company with sex discrimination. BofA acquired Merrill Lynch in 2008, making BofA one of the largest financial institutions and brokerage firms in the world.
The class action lawsuit claims BofA and Merrill Lynch have 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. “Bank of America and Merrill Lynch both have a long history of failing to provide equal employment opportunities to their female Financial Advisors, and since the merger of the two firms, the problems have only continued,” said the plaintiff’s attorney.
The women allege BofA and Merrill Lynch discriminate against female Financial Advisors in account distributions; partnership opportunities; upfront money, pay-out rate, and other benefits in its compensation plan; as well as in other opportunities for brokers to increase their income.
More information about this class action lawsuit can be found at www.bofagenderlawsuit.com.
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Updated April 5th, 2010
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