Merrill Wants Ex-Brokers Out Of Race Bias Suit

Law360, New York (May 7, 2012, 3:14 PM EDT) -- Merrill Lynch & Co. Inc. on Friday told an Illinois federal judge hearing a discrimination suit brought against the company by black financial advisers that a proposed class should be limited to current employees, since former brokers lack standing to pursue an injunction.

The Merrill class motion comes after the Seventh Circuit found in February that despite a lack of commonality among the group of brokers — which included more than 700 current and former employees who alleged the company's hiring, promotion and compensation policies discriminated...
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