Merrill Lynch reaches settlement with African American financial advisers

5:39 AM, Aug 29, 2013   |    comments
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WASHINGTON (WUSA9) -- Merrill Lynch has reached a settlement with African American financial advisers, who accused the firm of racial discrimination.

An attorney for 1200 plaintiffs says the company agreed to a $160 million payout.

The chief plaintiff claimed the brokerage firm engaged in a pattern of discrimination which resulted in black employees having lower production than their white co-workers.

A federal judge still has to approve the deal.

Merrill Lynch had no comment.

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