Hundreds of black financial adviser 's lawyer has reached $ 160 million settlement in a lawsuit accusing the Wall Street giant Merrill Lynch brokerage racial discrimination, a plaintiff's lawyer said Wednesday.
If approved by a federal judge in Chicago , spending approximately 1,200 plaintiffs from Merrill Lynch will be the biggest ever cases of racial discrimination , one of the Chicago-based attorney Susan E. BISH said.
Speaking from his Merrill Lynch office in Dallas , the first one of the plaintiffs , from the earliest days of the suit, Morocco "Rocky" Howard said he hopes he and his black brokers never resort to the law .
"Howard , 55, said in a telephone interview, said," In an equitable work environment , I will make more money than the settlement agreement will make me. "But this is a positive thing ."
Another plaintiff, has left the company , Marshell Miller , aged 58, Little Rock, Arkansas , and also welcomes eight years of litigation is nearing completion .
, "Miller said :" This is a long struggle . "But it needs to be done ."
US-owned Merrill Lynch - the world's largest more than 15,000 financial advisors one broker - Wednesday issued a statement , saying only : "We do not comment on this point the solution , there was no reconciliation of the state ."
Lead plaintiff George McRae Reynolds accused Merrill Lynch turned away from the most lucrative black broker business, so , according to the compensation system, emphasis on production , they earn less than whites . In 2006 they decreased by 43 %, the average compensation for the plaintiff claims.
Settlement coincides with the 50th anniversary of Martin Luther King 's "I Have a Dream speech ," BISH said. She said she hopes the case will help in Washington, DC , comes to ensuring equal opportunities for the kind of bed
"I got goose bumps thinking about it ," she said , regarding the settlement came around coincidence anniversary . " ( Plaintiff ) to achieve the goal is the same, the opportunity for the next generation - their children ."
BISH should force companies settled beyond singled out as a defendant changes.
"They are a leader on Wall Street , " she said. "More and more opportunities for African Americans in the United States Limpo and the rest of Wall Street ."
In its own filing the case in recent years , Merrill denied the allegations of discrimination and firmly defend their compensation package .
" All ( financial advisor ) , regardless of race, are measured by the same judge , " a company to submit arguments. " The rules are simple : produce more , earn more ."
Settlements does not necessarily mean that the defendant accept any wrongdoing. BISH said she could not discuss details of the agreement terms and Merrill Lynch .
But Plaintiffs allege discrimination diffuse Merrill Lynch, at least in part because the company employs relatively few African-Americans as a whole . They argue that in 2009 the plaintiff requested , less than 2% of the brokerage firm Merrill Lynch (Merrill Lynch) Black .
" Far is a colorblind meritocracy , racial policies and practices permeate the way , creating equal employment opportunities for African -American employees of Merrill major barrier," sociology professor William · T. assumptions , said in the filing .
Merrill sometimes rely on stereotypes, the record also asserted that , once arrested for managers to encourage black brokers " learning to play golf or other activities aimed at learning how to be implemented business etiquette ( they ) may not be familiar ."
Lead plaintiff , George McRae Reynolds , Nashville, Tennessee , to Merrill Lynch in 1983 and to continue to work for the company . In his allegations of discrimination , he said that his manager had won his office , his office at work 20 years later, he moved to the noisy , busy women's toilet cube .
Miller and Howard said one of their biggest regret is young blacks , they are likely to seek work, such as financial advisers, choose another career, because of discrimination in the industry 's reputation .
As Miller's work experience, he said , his two sons to avoid the scene. Howard added, " Even now, we have blacks , saying they want to do this business unrelated MBA from Ivy League schools ."
But Howard added that he has been loyal to Merrill Lynch , he praised them decided to settle suit.
Some future changes will make it a better firm , "he said ." "They are trying to heal ."



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