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Gender Discrimination Suit Filed Against Bank of America and Merrill Lynch

Three women filed a gender discrimination lawsuit yesterday in federal court against Bank of America and Merrill Lynch, which recently merged. According to lawyer Adam Klein, who represents the plaintiffs, “Bank of America and Merrill Lynch both have a long history of failing to provide equal employment opportunities to their female Financial Advisors, and since the merger of the two firms, the problems have only continued.” The complaint (see PDF) alleges that “beneath the veneer of a world-class financial institution, Defendants treat their female Financial Advisors as second-class citizens. Both [Bank of America] and Merrill alike have discriminated and continue to discriminate against Financial Advisors on the basis of gender with respect to business opportunities, compensation, professional support, and other terms and conditions of employment.” The suit also alleges retaliation to complaints of discriminatory practices. Lead plaintiff Judy Calibuso is currently a financial advisor for Merrill Lynch. The other two plaintiffs are former financial advisors for Bank of America. Calibuso said in a statement, “I have come forward to help women at Merrill Lynch and Bank of America keep the company true to its promise of being the ‘bank of opportunity’ for all of us, and not just for male employees. My hope is that this lawsuit will bring change to Merrill Lynch’s and Bank of America’s policies and corporate culture.”

Sources:

US District Court Filing 3/30/10; Plaintiffs' Press Release 3/30/10

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