Merrill Lynch Faces 900 Discrimination Claims

Tue., March 2, 1999

From Staff

More than 900 current and former employees of securities firm Merrill Lynch have joined forces filing claims of discrimination as part of a legal settlement that is shaking the financial services industry.

The number of claimants is three to four times what plaintiffs’ lawyers expected when Merrill settled the suit last June. Those complaining of discrimination will have the case handled by mediators. If necessary, the complaint will go to arbitration. Financial consultants who worked at Merrill Lynch from January 1994 through June 1998 are eligible for redress.

There is no maximum amount of money available to the plaintiffs, but given the high earning power of the women, millions of dollars could be involved. In additional to possible future awards, eight original plaintiffs in the case will share a $600,000 payment for being the first to come forward.

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Merrill Lynch Faces 900 Discrimination Claims

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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