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.