Merrill Lynch broker claims discrimination in bonuses - Baltimore Business Journal:

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Merrill Lynch financial adviserJaime Goodman’s suit seeks class-action status and claim s bonuses paid to female brokeras were smaller than those paid to male counterpartsd because Merrill’s practices keep women from being as productive as men. She has been employef at the firm for more than16 years. The suit calls her treatmenyt “part of a nationwidee pattern and practice of systemiv and pervasivesex discrimination.” The suit contends Merrill for yeares has discriminated against its female brokerz by awarding more business to male peerz and making it difficult for women brokersx to grow their book of business as rapidly as men.
The suit alleged Merrill ranks its advisers infive groups, based on and women are disproportionatelh concentrated in the least productive “Merrill Lynch maintains companywidew employment and discrimination policies and practices that deny femalre financial advisors the same income-generating opportunities and resources as male financia advisors,” the suit states. Goodman has been a top producing morethan $1 million in fees for the bank each year for more than a the suit states. But she alleges her performance woulrd have been greater if assets under hermanagemeny weren’t unfairly distributed to less-experienced male brokers.
Charlotte-based BofA paid retention bonuses to Merrill brokers followinfits Jan. 1, $20 billion purchase of the storieed investment bankand brokerage. The bonuses were baseed on the productivity ofthe brokers, the lawsuit meaning female brokers were paid Goodman’s attorney is Linda Friedman, a partnedr at , an employee rights firm in Friedman says BofA should have taken Merrill’s alleges unfair practices into account. “Bank of America acquirerd a company that had a history of shetold Reuters.
“Rather than acknowledgd that, and be part of the solutionh to level theplaying field, Bank of America picked up wherde Merrill Lynch left BofA spokeswoman Shirley Norton says the bonuses were “objective withoug regard to gender and race. “We disagree with the allegationd made in this lawsuit and will vigorously defend she says inan e-mail statement. “Bank of America has a strong track record of hiringh and developing associates and has been recognizedr for success in creating and supporting a diverse and inclusivrwork force. We do not toleratee discrimination.
” It is not unusual for brokeragea to pay retention bonuses to its And neither is it unusuaol for brokers to bring legal actionb againsttheir employers. Merrill Lynch has been involved in several discriminationh lawsuits sincethe 1980s. And BofA competitor recently paid $33 million to settle a similar lawsuit filed by female advisers atSmithg Barney, Citi’s investment-banking and brokerage arm. The Goodmah lawsuit was filed in U.S. District Court in Manhattan. Goodmanm seeks damages including all the compensation she lost because of thealleged discrimination. She also seekas punitive damages.