Bank Of America To Pay $39 Million For Gender Discrimination

Oh, Bank Of America, if there is a Hell for corporations, I’m sure you’re on your way.

Bank of America will pay $39 million to settle claims it discriminated against women in its investment advice division, the company announced Friday evening. It is the bank’s second major settlement over employee discrimination claims in two weeks.

The money will be divvied up between roughly 4,800 women who worked at Bank of America and its subsidiary Merrill Lynch from 2007 onward. The suit alleged the companies had systematically pushed the most lucrative clients to men, undermining women’s compensation and professional opportunities in ways that violate anti-discrimination provisions of U.S. civil rights law.

Discrimination on Wall Street is not exclusive to gender. Last month, Merrill Lynch settled a racial discrimination case for $160 million for screwing over black investment brokers since 2001.

The champions of free markets.

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  • Schneibster

    They’re not about free markets. They’re about unregulated markets. They’re two different things.

  • Victor_the_Crab

    Oh, Bank Of America, if there is a Hell for corporations, I’m sure you’re on your way.

    What corporation doesn’t deserve to go to Hell?

  • muselet

    Yet another reason I don’t bank with Bank of America.

    –alopecia