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Merrill Lynch To Pay $160 Million For Race Bias

Two more updates on ‘The Dream.’ First from the New York Times:

Merrill Lynch in Big Payout for Bias Case

By PATRICK MCGEEHAN | August 27, 2013

Merrill Lynch, one of the biggest brokerage firms on Wall Street, has agreed to pay $160 million to settle a racial bias lawsuit that wound through the federal courts for eight years, including two appeals to the United States Supreme Court.

The payout in the suit, which was filed on behalf of 700 black brokers who worked for Merrill, would be the largest sum ever distributed to plaintiffs in a racial discrimination suit against an American employer.

What an historic achievement. Let’s hope it sends a message. Don’t ever hire black people don’t ever discriminate.

Merrill, which was acquired by Bank of America after the suit was filed, also agreed to take advice from black employees on how to improve their chances of succeeding as brokers

Will there be re-education camps?

The pool of money, available to all black brokers and trainees at the firm since May 2001, is larger than those offered by other corporations sued by employees for racial bias, including Texaco and Coca-Cola, Ms. Friedman said. It also dwarfs recent payouts by other Wall Street firms, including $16 million that Morgan Stanley agreed to pay in 2008 to settle a suit brought by black and Hispanic brokers.

Still, it still doesn’t come close to the Pigford settlement the USDA is paying out. But the US government is notoriously racist.

“This is a somewhat heroic story because these plaintiffs just kept fighting and fighting,” said John C. Coffee Jr., a professor at Columbia Law School. “This is like a triple-overtime win.” …

Absolutely. But don’t rest on your laurels. There must be other companies with deep pockets who have been foolish enough to hire blacks discriminate against blacks.

Meanwhile we have this sad report of an unsuccessful effort at exposing race bias, via New Jersey’s Jersey Journal:

Jersey City high school candidate for student gov’t sent racist texts to himself, school official says

By Michaelangelo Conte | August 26, 2013

The black St. Peter’s Prep student who purportedly received racist text messages warning him to drop out of the Jersey City high school’s student government election sent the texts to himself, a school official confirmed last week…

The 16-year-old was running for president for the Student Council in May when he supposedly received four hateful text messages. He brought them to the attention of school officials who called in his father and police.

"We have NEVER and will NEVER have an (n-word) to lead our school," was one of the messages supposedly sent to the 16-year-old student, who at the time, was a resident in Jersey City.

The message went on to call President Obama by his middle name Hussein and used a racial slur in referring to Obama, a police report said. "We will never make that mistake again. Drop out right now . . ." it continued, a police report said.

Where is Eric Holder? Where is the Secret Service? Where is the NAACP?

A second message read "Whites! Your a waste on this earth, a waste at this school, and most importantly a Waste for this campaign." That message called the student government candidate a "slave" and used a racial slur, a report said.

The third message texted to — and as it turns out from — the student, contained a warning to drop out of the race and the fourth read, in part, "COMEONE your black!!! lol your a joke for even trying to run," according to a police report.

The 16-year-old eventually lost the race for student council president but was elected vice president. A source said he no longer attends the school…

In an interview with The Jersey Journal at the time the texts were sent, the boy’s father said his son was “extremely nervous and feels threatened” and did not want to be interviewed.

"He is the type of boy who does not want any kind of trouble," the father said. "It’s so sad. He doesn’t want the image of the school to be tainted."

"It is a predominantly white school and there may be a few sections of the school who are fearful of a new face trying to get in office,” the father said at the time.

Neither the father nor son could be reached for comment. No one answered at the family’s Armstrong Avenue house on Friday…

Hopefully, the family will still find someone to sue, anyway.

This article was posted by Steve on Wednesday, August 28th, 2013. Comments are currently closed.

4 Responses to “Merrill Lynch To Pay $160 Million For Race Bias”

  1. Noyzmakr says:

    He’s well on his way to becoming a democrat election consultant and operative.

  2. Noyzmakr says:

    On the Merrill Lynch payout, I’m reminded of something my Dad told me when I was young. “Don’t feed the wild animals. It only encourages them to return for more and if they don’t find that you’ve left them anymore food, they’ll destroy the place trying to find it.”

  3. BannedbytheTaliban says:

    It is not the kids fault. He has been told his whole life this is the way white people view black people. Even if the white kids at the school had not sent him the texts, secretly, they were all thinking it. Therefore he is justified in exposing their latent racism, even if it doesn’t exist. This is another win for the race hustlers, which means a loss for the black community.

  4. Liberals Demise says:

    Harumph, harumph, harumph.
    Some one owes me a harumph.

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