Bank Of America & Merrill Lynch

STATUS: Resolved

Outten & Golden LLP and our co-counsel, Lieff Cabraser Heimann & Bernstein, LLP, represent three financial advisors who filed a national class action lawsuit on March 30, 2010 in federal court in Brooklyn. The suit charges that Bank of America and Merrill Lynch, which merged in late 2008 to form the nation’s largest bank and brokerage firm, engaged in sex discrimination against female stock brokers. The Plaintiffs seek to represent a class consisting of all female Financial Advisors employed by Bank of America or Merrill Lynch during the relevant period. If certified, the lawsuit would be the largest gender discrimination class action on behalf of female brokers.

The case, Calibuso, et al. v. Bank of America Corp., et al., No. 10 Civ. 1413, in the U.S. District Court for the Eastern District of New York, charges that Bank of America and Merrill Lynch have engaged in a pattern and practice of gender discrimination against female financial advisors with respect to business opportunities, compensation, professional support, and other terms and conditions of employment. The women allege that Merrill Lynch, a wholly owned subsidiary of Bank of America, discriminates against female Financial Advisors in account distributions; partnership opportunities; upfront money, pay-out rate, and other benefits in its compensation plan; as well as in other opportunities for brokers to increase their income. The complaint alleges violations of Title VII of the Civil Rights Act of 1964 and New York and Florida anti-discrimination laws.

People interested in the lawsuit may provide information by visiting: www.bofagenderlawsuit.com, or calling 1-888-886-9359 to leave a message for plaintiffs’ counsel. They can also contact Adam T. Klein or Cara E. Greene at (212) 658-0142 for more information.

(*Prior results do not guarantee a similar outcome.)

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