The violations of African-American employees' rights are systemic and are based upon company-wide policies and practices, reads the suit, filed in U.S. District Court for the Middle District of Florida.
Merrill has agreed to pay $19.95 million for class members' compensation and provide additional programmatic relief, including a review of diversity initiatives and pay equity analysis under the settlement.
Bank of America stated that they reached an agreement to focus on initiatives assisting Black financial advisers, emphasizing training to improve diversity and inclusion over the past 10 years.
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