March 31 2010, three female Financial Adviser filed a national class action lawsuit against Bank of America and Merrill Lynch alleging sex discrimination. The New York Times reports that the lawsuit, which was filed in New York, claims that the companies have violated several federal and New York state laws, including Title VII of the Civil Rights Act of 1964 and the New York State Human Rights Law. Employment lawyer Kelly M. Dermody says that "While Merrill Lynch and Bank of America have favored male Financial Advisers to receive lucrative client opportunities, they have penalized female Financial Advisers financially for not being chosen for those advantages they created." The plaintiffs with this case include Judy Calibuso, Julie Moss, and Dianne Goedtel, who are seeking back pay and unspecified damages. In addition, they're asking the court for a class-action status. The suit states that Bank of America and Merrill Lynch have "company wide policies and practices" that results with an unchecked gender bias in the workplace. Bank of America acquired Merrill Lynch in December 2008, making it the largest financial company in the nation. In Texas, thousands of people are employed with the company and with a class-action lawsuit, many residents of the Houston might be able to join the suit without hiring a Houston employment lawyer. Yet Bank of Amercia representatives have denied the gender discrimination allegations, and say that the company plans to defend itself against the claims. In a statement, representatives even said that the company has been recognized for its success in creating and supporting a diverse and inclusive work force
Institute Of business and management UET, Lahore.
Submitted by Chemical Engineer Adnan Khalid,
MBA-Operations and Management.