BofA Slapped with Gender Bias Complaint

Reuters reported that plaintiff Jamie Goodman, who said she worked as a Merrill broker for 16 years before its January 2009 BofA merger, accused the bank of implementing a retention bonus system that“disproportionately disadvantages women and advantages white men as favored employees.” The suit seeks certification as a class action.

Goodman alleged that because Merrill had typically steered wealthier clients to male brokers, the male brokers were able to generate more asset-based fees and, as a result, receive higher bonuses that were based on “production.”

According to the complaint, Goodman was a top-quintile performer at Merrill, having been “a $1 million producer for nearly a decade,” but would have fared even better and gotten a higher retention bonus absent discrimination.

The case is Goodman vs. Merrill Lynch & Co. , U.S. District Court, Southern District of New York (Manhattan), No. 09-5841.