Employment Law

Bank of America & Merrill Lynch Gender Discrimination

Issue: Gender discrimination
Year: 2013

Lieff Cabraser served as Co-Lead Counsel for female Financial Advisors who alleged that Bank of America and Merrill Lynch engaged in a pattern and practice of gender discrimination with respect to business opportunities and compensation. The complaint charged that these violations were systemic, based upon company-wide policies and practices.

In December 2013, the Court approved a $39 million settlement. The settlement includes three years of programmatic relief — to be overseen by an Independent Monitor — regarding teaming and partnership agreements, business generation, account distributions, manager evaluations, promotions, training, and complaint processing and procedures, among other things. An Independent Consultant also conducted an internal study of the bank’s Financial Advisors’ teaming practices.