Merrill Lynch racial bias suit settled after 8 years

After eight years of legal tussles, a federal judge Friday approved a record $160 million settlement in a racial bias suit against Merrill Lynch brought by black brokers.

Bloomberg BusinessWeek reports that the settlement, in which Merrill denied any wrongdoing, marks the final resolution to the lengthy case brought by George McReynolds, a broker in Merrill’s Nashville office. McReynolds, as Bloomberg described in a feature story last week, has continued to work at Merrill throughout the case, despite health troubles and what he describes as a “chilly” reception from co-workers.

'We are doing fantastic', McReynolds said in an interview from the Chicago courthouse Friday. 'The judge was nice to us, and he signed the papers. We were all celebrating'.

The courtroom erupted in congratulatory hugs and handshakes at the hearing’s end, and U.S. District Judge Robert Gettleman praised both Merrill and the plaintiffs for reaching a settlement that he hoped would be a model for changes at other firms.

Hit the link below to access the complete Bloomberg BusinessWeek article:

Judge Approves Merrill Lynch's $160 Million Racial Bias Settlement

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image: © Michael Gray

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