Three female financial advisors have filed a national class action lawsuit charging sex discrimination at Bank of America and Merrill Lynch.
The lawsuit, filed Tuesday in federal court in New York, charges that Bank of America and Merrill Lynch have engaged in a pattern and practice of gender discrimination against their female advisors regarding business opportunities, compensation, professional support, and other terms and conditions of employment.
Plaintiff Judy Calibuso, a current Merrill Lynch employee in Miami, who has been in the financial services industry since 1995, said in a prepared statement: “I have come forward to help women at Merrill Lynch and Bank of America keep the company true to its promise of being the ‘bank of opportunity’ for all of us, and not just for male employees. “
The complaint charges that, among other things, Merrill Lynch 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.
Source:Economy
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