BofA sued for race bias

Bank of America Corp. has been sued for race discrimination by allegedly steering wealthy clients to white co-workers.
MAY 18, 2007
Bank of America Corp. has been sued for race discrimination by allegedly steering wealthy clients to white co-workers. Five black current and former employees of the Charlotte, N.C.-based bank brought the suit. The 29-page complaint, filed Thursday with the U.S. District Court in Boston, also contends that the bank discriminates against black employees in pay, promotions, training, and support services. The bank regularly teams black workers together and assigns them to largely minority neighborhoods and low net-worth clients, according to the complaint. When the workers complained, according to the lawsuit, the bank said it believed that clients are more "comfortable" dealing with bankers and brokers of their own race. The plaintiffs worked for BofA branches in the Atlanta, St. Louis, and south Florida areas.

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.