BofA To Pay $7M To Settle Discrimination Suit

Law360, New York (July 6, 2009, 12:00 AM EDT) -- Bank of America NA will pay $7.2 million and take measures to review employment practices as part of a proposed settlement in a lawsuit accusing the financial behemoth of routinely giving black workers short shrift with respect to pay, advancement and resources.

Thursday's settlement agreement, lodged in the U.S. District Court for the District of Massachusetts, is preliminary and subject to the court's approval. There are about 500 members of the settlement class.

Both sides agreed to the deal to avoid the further costs and uncertainty...
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