Lucinda 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.