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Bank of America Charged in Bias Suit

May 22 2007

The suit - which doesn't have class-action status but claims to cover bankers and brokers working at the firm from 2003 until the present - also claims B of A's retail brokerage unit "steered" teams of minority brokers and bankers to territories made up largely of minority households with lower net worths. Non-minority households were steered toward white teams, the suit says. As a result, blacks have a more difficult time than whites in building their books of business, careers and income, the suit alleges.

Bank of America denies the charges. "Our company does not tolerate discrimination," a spokesperson told the Associated Press. "We intend to vigorously defend against the claims made in this lawsuit."

Recently, Morgan Stanley's Global Wealth Management Group settled a class-action lawsuit that alleged it discriminated against women brokers and trainees in promotion and compensation. Merrill Lynch also faces a suit alleging "systemic and pervasive" racial discrimination against African-Americans.

Comments (2)

  • The discrimination issue is being repeatedly used by individuals for personal gain. If someone feels that he needs to work twice as hard as their white colleagues, they should simply do so and prove they are better. The fact that the rely on lawsuit means one thing. They are just not good enough.

    Vas 24 May 2007

    RECOMMEND Recommended 0 times | Alert Moderator

  • Vas, Derivatives:  This is a very poor comment or argument.  Of course Americans have gone stir-crazy with class action law suits, but you have to take the merit of this case for what it is sir.  Suppose BOA does have a predisposition to overwhelmingly align minorities with only minority accts, then that's wrong!, and it should be corrected (forcebily).  No money needs to change hands.  The courts should simply penalize BOA, and require them to fairly distribute Brokerage clientele.  Again your arguement is utter rubbish - courts in the U.S are for Fairness & Justice, not to re-distribute income! and yes BOA, if guilty should pay (the Gov't) a fine, or else (guess what), they'll do it again, and again... Hey dude, this is good-ole fashion Carolina Banking 101.

    Brooklyn Chris 29 May 2007

    RECOMMEND Recommended 0 times | Alert Moderator

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