It seems only a few days ago I told you about a huge settlement Merrill Lynch made for bias against black brokers.
And now the Times’s Patrick McGeehan tells us that Bank of American is going to pay $39 million to plaintiffs in a gender bias case:
Bank of America agreed on Friday to pay $39 million to women who worked in its Merrill Lynch brokerage operation, another costly settlement of a discrimination case filed by its employees.
The agreement, filed Friday evening in a federal court in Brooklyn, was the second by the nation’s largest bank over 10 days. Last week, Merrill Lynch told a federal judge in Chicago that it would pay $160 million to settle an eight-year-old racial discrimination suit filed on behalf of 700 black brokers.
With the new agreement, Merrill will have paid out nearly half a billion dollars to settle employee discrimination claims over the last 15 years.
The case settled on Friday was originally brought by women who had worked in the brokerage division of Bank of America, but it was amended to include women who were brokers at Merrill Lynch after the bank bought Merrill. The money is expected to be divided among as many as 4,800 current and former employees of the two brokerage operations.
Merrill, which has about 15,000 brokers worldwide, also agreed to change its policies to give women a better chance of succeeding.
Wow. This is what lawsuits are all about: rectifying wrongs, and by costing the defendants a lot of money, forcing them to change the work culture that produced the wrongs.