Bank of America Reaches $39 Million Settlement for Gender Bias
In a world where women and men are supposed equals, Bank of America is having to pay out nearly $39 million in a gender bias settlement to its female employees.
The case claimed that the bank denied women opportunities to work on lucrative accounts and thus stifled their earning potential.
Female financial advisers working at Merrill Lynch, otherwise known as Banc of America Investment Services Inc., filed a lawsuit that claimed they were left off of teams that could have led to better compensation. Approximately 4,800 employees are eligible for the money in the lawsuit, with workers from 2007 to 2013 as recipients.
Merrill Lynch admitted to no wrongdoing in the settlement. The settlement cannot be made official until it is approved in court in December.
“This resolution includes a number of additional and enhanced initiatives that will enrich our existing diversity, inclusion and development programs providing more opportunity for women to succeed as financial advisers,” said Bill Haldin, a spokesperson for the company.
Less than two weeks ago, Merrill Lynch reached a proposed $160 million settlement for racial discrimination with black financial advisers. The suit claimed these advisers were denied the same promotions and compensation as white advisers. That settlement includes similar stipulations to the gender case, such as creating a leadership council and interviewing at least one minority candidate for a position.