Merrill Brokers Urge 7th Circ. To Revive Bonus Bias Action

Law360, Chicago (October 24, 2011, 3:40 PM EDT) -- A lawyer for a putative class of black Merrill Lynch & Co. Inc. financial advisers alleging Bank of America Corp.'s bonus system is racially discriminatory told the Seventh Circuit on Monday that the compensation program is not legally protected.

At oral arguments, Linda D. Friedman of Stowell & Friedman Ltd., attorney for the plaintiffs, said the retention bonus program Bank of America enacted for brokers immediately after it acquired Merrill Lynch did not qualify as a bona fide, legally protected production-based compensation system.

Bank of America's...
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