Merrill brokers lose appeal in racial bias suit

Court says brokers may recover losses in separate case

A 7th Circuit judge in Chicago has rejected a racial bias suit that black financial advisers who worked at Merrill Lynch & Co. filed over retention bonuses, upholding a lower court’s dismissal of the case. The three-judge panel did say, however, that the brokers could try to recover losses over bonus payouts in a separate suit.

The court found that the company did not pay lower bonuses to black employees than it did to white employees, and said bonus decisions were based on “race-neutral” assessments.


Cathleen Flahardy

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