Merrill Brokers' Race Bias Suit Over Bonuses Tossed

Law360, New York (March 30, 2011, 4:55 PM EDT) -- An Illinois federal judge on Tuesday tossed a putative class action brought by black Merrill Lynch & Co. Inc. financial advisers who claimed that Bank of America Corp. paid them smaller retention bonuses than their white counterparts after the companies merged.

Judge Robert W. Gettleman of the U.S. District Court for the Northern District of Illinois dismissed the suit, saying the plaintiffs failed to prove the bonus system was established with discriminatory intent.

The suit alleged the bonuses, which were calculated based on the financial advisers'...
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