Merrill Lacks Black Brokers, CEO Testifies

Law360, New York (November 3, 2006, 12:00 AM EST) -- Merrill Lynch & Co. CEO Stanley O’Neal admitted Wednesday that African-Americans were underrepresented at the brokerage firm, but he denied that in-house discrimination played a part in that, according to a source close to the case.

During the nearly eight-hour deposition, which took place in midtown Manhattan, O’Neal was forced to answer questions about whether African-American employees at Merrill Lynch faced discrimination in hiring, promotions and compensation.

Though the testimony was just one part of the discovery phase in the racial bias lawsuit, it carried special...
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