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MONDAY, NOVEMBER 23, 2009
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Female Brokers Sue BofA for Discrimination

Men got higher retention bonuses, they allege

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(Newser) – A former Merrill Lynch broker is leading a class-action lawsuit against Bank of America for offering female workers lower retention bonuses, Reuters reports. The suit alleges that Merrill had a longtime practice of steering wealthier clients to its male brokers. Because of that, when BofA acquired the firm and offered retention bonuses based on production, it put women at a disadvantage.

Jaime Goodman claims she was a top performer at Merrill for a decade but would have done even better—and thus gotten a higher bonus offer— absent discrimination. "Bank of America acquired a company that had a history of mistreatment," a plaintiff attorney said. "Rather than acknowledge that, and be part of the solution to level the playing field, Bank of America picked up where Merrill Lynch left off."

The female brokers say Bank of America continued the gender bias that has long existed at Merrill Lynch.
The female brokers say Bank of America continued the gender bias that has long existed at Merrill Lynch.   (AP Photo/Chuck Burton)
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The adviser transition program was merit-based and implemented fairly and equally for men and women. We do not tolerate discrimination.
- Shirley Norton, Bank of America rep

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