Merrill Lynch settles $20 million class-action lawsuit alleging racial discrimination

illuminem summarizes for you the essential news of the day. Read the full piece on The Independent or enjoy below:

🗞️ Driving the news: Merrill Lynch will pay nearly $20 million to settle a class-action lawsuit alleging racial discrimination against its Black financial advisers
• The lawsuit claimed that Black advisers received less compensation and fewer promotions compared to their white colleagues

🔭 The context: The settlement includes individual payments to approximately 1,375 eligible class members
• Additionally, Merrill has agreed to review and improve its diversity initiatives and pay equity, though it admits no wrongdoing

🌍 Why it matters for the planet: This settlement highlights ongoing systemic issues within major financial institutions, emphasizing the need for greater diversity and inclusion practices in corporate America

⏭️ What's next: A judge must approve the settlement, and Merrill Lynch will focus on implementing its promised diversity initiatives and evaluating their effectiveness

💬 One quote: "The violations of African-American employees’ rights are systemic and are based upon company-wide policies and practices," stated the lawsuit

📈 One stat: Merrill Lynch has increased the number of Black financial advisers by over 40% in the last 10 years

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