ML-Implode News - Merrill Lynch settles record race bias claim

``Lead plaintiff George McReynolds, a black broker who has worked for Merrill Lynch for 30 years, sued his employer, saying it had a segregated workforce, including policies that steered black brokers into clerical positions and reassigned their accounts to white workers.
We are working towards a very positive resolution of a lawsuit filed in 2005 and enhancing opportunities for African-American financial advisers

Bill Halldin,
Bank of America spokesperson

At the time McReynolds filed the lawsuit, two percent of the brokers at Merrill Lynch were black, despite a 30-year-old consent decree it had signed with the US Equal Employment Opportunity Commission that required the brokerage to increase its proportion of black brokers to 6.5 percent.''

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Merrill Lynch settles record race bias claim