Black Financial Advisors Lawsuit Against Edward Jones, Merrill Lynch, and Bank of America

August 11, 2022 by Lewis
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The Edward Jones, Merrill Lynch, and Bank of America racial discrimination lawsuits all highlight the importance of pursuing such claims. These firms are notorious for their treatment of people of color. The financial services industry is dominated by white men, which means that companies that are known for their white-collar jobs are also likely to be discriminatory. The allegations of discrimination in the financial services industry are often difficult to prove, but this case illustrates that such firms do exist.

Edward Jones racial discrimination lawsuit

The class-action suit against Edward D. Jones & Co. LP (formerly Edward D. Jones & Co.) is the latest in a series of discrimination lawsuits filed against large financial services companies. The case, filed in May 2018, is a class-action lawsuit against the company for racial discrimination, alleged intentional race discrimination, and disparate impact. It was recently decided by a district court judge that the case should go to trial.

The settlement is a result of a class-action lawsuit that was filed against Edward Jones by a minority advisor and a woman who was discriminated against by the company. Dixon and Gaona are seeking class-status status for all women and minorities who worked for the company. An Edward Jones spokeswoman declined to comment on the lawsuit or the allegations contained in it. Edward Jones, however, condemned racial discrimination and other forms of bias and praised Penny Pennington for her efforts.

The class-action suit alleges that Black financial advisors at Edward Jones were systematically excluded from hiring opportunities because of their race. Although a settlement agreement was reached, the company still faces a long battle to prove its policies are discriminatory. A class-action suit filed in federal court in Chicago will determine whether or not Edward Jones has discriminated against these employees. The lawsuit also calls for the company to revise its training practices.

Merrill Lynch racial discrimination lawsuit

The Black Financial Advisors lawsuit alleges that the firm systematically discriminated against black employees. The lawsuit claims that the firm did not provide the same opportunities for business development as its white counterparts. Moreover, the firm’s racial disparity in the hiring of advisers hindered the career of African-Americans. The company reportedly spent $12 million on experts to refute the claims.

The plaintiff, George McReynolds, joined Merrill Lynch in 1983 and has been working there for more than three decades. He did not plan to be a hero or the subject of the largest racial discrimination lawsuit in the U.S., but he did not intend to give up his career. His motivation was to earn enough money to help support his family, send his children to college and save for retirement.

The plaintiffs argued that their employers discriminated against African-American financial advisors by denying them equal compensation and requiring them to work in teams. This discrimination was evident in account distribution, compensation, and “teaming,” which involved putting brokers in teams. The plaintiffs sought class-action status, and U.S. District Judge Robert W. Gettleman certified the class action. Despite the decision in Wal-Mart Stores v. Dukes, the case still has a chance of being tried on an individual basis.

Bank of America racial discrimination lawsuit

The U.S. Department of Labor fined Bank of America Corp. $2.2 million in back wages and interest for rejecting qualified African-American job candidates at its Charlotte, N.C., headquarters from 1993 to 2005. The bank initially rejected only one African-American job applicant, but the case quickly grew to include more than 1,200 class representatives. The settlement will put the end to an eight-year legal battle. If approved, the settlement would be the third-largest race-bias settlement in U.S. history, trailing only Texaco Inc. and Coca-Cola Co. in their payouts to African-Americans.

The lawsuit alleges that the bank failed to maintain proper records and did not provide a level playing field for black employees. The plaintiffs are seeking equal pay and promotion, and a lack of training and support. They also allege that they were assigned to branches in minority communities, even though their clients preferred black bankers. Those in charge of hiring decisions at Bank of America are now being investigated.

The bank has been accused of racial discrimination and has agreed to pay $24 million in damages. Six former employees claimed that the bank engaged in intentional race discrimination, which led to lower pay and less lucrative assignments for black financial advisors. Moreover, the bank will pay $19.5 million to 250 employees and will create a fund of $4.5 million for anti-bias training and mentoring.

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