Bank of America to pay $39M in settlement

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Associated Press

Posted on September 7, 2013 at 11:01 AM

Updated Saturday, Sep 7 at 11:01 AM

NEW YORK (AP) — Bank of America Corp. has agreed to pay $39 million to settle claims by female brokers of gender bias.

The settlement was announced Friday by law firms representing women working as financial advisers or licensed financial advisers at Banc of America Investment Services Inc. or Merrill Lynch from 2007 through 2013.

Banc of America Investment Services was a brokerage firm owned by Bank of America. It was later folded into Merrill Lynch when BofA bought Merrill in 2009.

The lawsuit claims that the bank discriminated against women in compensation and business opportunities.

About 4,800 employees are eligible for the settlement.

Under the proposed three-year settlement, an independent consultant will study the bank's practices to see how they can be made more inclusive.

The settlement still needs court approval.

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