Merrill Lynch commits to change in settlement

AP News
Posted: Aug 29, 2013 11:57 AM

CHICAGO (AP) — A court document detailing terms of a $160 million discrimination settlement with Merrill Lynch says the brokerage giant has agreed to sweeping policy changes to address the concerns of black financial advisers.

The unopposed motion filed in U.S. District Court in Chicago Thursday comes after attorneys for around 1,200 plaintiffs announced the payout. If approved by a federal judge, the settlement will be one of the largest ever in a discrimination suit.

The document says Merrill Lynch will create a "leadership council" to recommend ways to improve opportunities for African-Americans employees. It also commits to interviewing at least one minority candidate when selecting new executives. And it will consider diversity issues when assessing directors' job performances.

The approval process will likely take several months.