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Merrill Facing More Discrimination Allegations by Black Ex-Reps

Two ex-Merrill brokers claim in a lawsuit that Black FAs at the firm were given less compensation and received fewer promotions to senior positions than their white counterparts. The lawsuit also claims Black FAs were fired more often as well. So reports Think Advisor.

merrillLucinda Council and Ravynne Gilmore, African American women, say Merrill engaged in discriminatory practices. Council was registered as both a broker and advisor with the firm in Paramus, N.J. until September 2019 while Gilmore was registered as a broker with Merrill in Troy, MI until January 2020. 

This is not the first time the firm has faced discrimination allegations. Merrill settled a lawsuit in 2013 with 700 Black brokers as well as a separate suit with 4,800 female advisors. In all, the settlements were for almost $200 million combined.

Read the full article from Think Advisor.

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