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The Boston Globe

Business

Brokerage giant settles discrimination lawsuit

CHICAGO — Lawyers for hundreds of black financial advisers have reached a $160 million settlement in a lawsuit accusing Wall Street brokerage giant Merrill Lynch of racial discrimination, a plaintiffs’ lawyer said Wednesday.

If approved by a federal judge in Chicago, the payout by Merrill Lynch to about 1,200 plaintiffs would be one of the largest ever in a racial discrimination case, lawyer Suzanne E. Bish said.

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