Merrill Lynch & Co.

A lawsuit has been filed and is seeking class action status on behalf of current and former African American employees alleging racial discrimination. The lawsuit accuses the largest US retail brokerage of systematic and pervasive discrimination against African American brokers and trainees nationwide in hiring, promotion and compensation. The lawsuit claims Merrill Lynch violated Title VII of the Civil Rights Act of 1964 by causing disparate harm to blacks. Although it exceeds the industry average, only 2.3% of the company's 15,700 brokers are black.