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Bank of America Corp : U.S. court OKs Bank of America $39 million gender bias deal

Bank of America Corp : U.S. court OKs Bank of America $39 million gender bias deal

A federal judge on Friday approved Bank of America Corp’s $39 million settlement of a gender discrimination lawsuit by female brokers over objections that the accord would enshrine bias on Wall Street.

U.S. District Judge Pamela Chen in Brooklyn, New York called the settlement “in all respects, fair, reasonable, and adequate.”

The settlement, announced on September 6, resolved claims on behalf of about 4,800 current and former female financial advisers that women were paid less than men, deprived of handling their fair share of lucrative accounts and faced retaliation if they complained.

It is separate from the bank’s $160 million settlement with hundreds of black Merrill Lynch & Co brokers who alleged racial bias in pay, promotions and how big accounts were allocated.

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