NEW YORK, Mar 30, 2010 (BUSINESS WIRE) –Three female Financial Advisors filed a national class action lawsuit today in federal court in New York, charging sex discrimination at Bank of America and Merrill Lynch. Since its merger with Merrill Lynch, Bank of America is the nation’s largest bank company, one of the largest financial institutions in the world, and the largest brokerage firm in the world.

The lawsuit, Calibuso, et al. v. Bank of America Corp., et al., charges that Bank of America and Merrill Lynch have engaged in a pattern and practice of gender discrimination against their female Financial Advisors with respect to business opportunities, compensation, professional support, and other terms and conditions of employment.

The women allege violations of federal and state laws, including Title VII of the Civil Rights Act of 1964, the New York State Human Rights Law, and the Florida Civil Rights Act of 1992. they are represented by attorneys from Outten & Golden LLP and Lieff Cabraser Heimann & Bernstein, LLP.

Plaintiff Judy Calibuso, a current Merrill Lynch Financial Advisor from the firm’s Miami, Florida office who has been in the financial services industry since 1995, stated, “I have come forward to help women at Merrill Lynch and Bank of America keep the company true to its promise of being the ‘bank of opportunity’ for all of us, and not just for male employees. My hope is that this lawsuit will bring change to Merrill Lynch’s and Bank of America’s policies and corporate culture.”

“While Merrill Lynch and Bank of America have favored male Financial Advisors to receive lucrative client opportunities, they have penalized female Financial Advisors financially for not being chosen for those advantages they created,” said plaintiffs’ attorney Kelly M. Dermody of Lieff Cabraser Heimann & Bernstein, LLP of San Francisco, California. “This action has been brought to ensure equal opportunity for their female employees.”

“Bank of America and Merrill Lynch both have a long history of failing to provide equal employment opportunities to their female Financial Advisors, and since the merger of the two firms, the problems have only continued,” said plaintiffs’ attorney Adam T. Klein of Outten & Golden LLP of New York, New York.

The complaint charges that, among other things, Merrill Lynch, a wholly owned subsidiary of Bank of America, discriminates against female Financial Advisors in account distributions; partnership opportunities; upfront money, pay-out rate, and other benefits in its compensation plan; as well as in other opportunities for brokers to increase their income.

Bank of America is a global financial firm that provides financial and investment services to corporations, governments and individuals around the world. In 2008, Bank of America acquired Merrill Lynch and their respective brokerage divisions were joined under the Merrill Lynch name. As a result of the merger, Bank of America is one of the largest financial institutions in the world and the largest brokerage firm in the world. Bank of America employs approximately 15,000 Financial Advisors nationwide. In addition, Bank of America services customers across the United States and manages over $2 trillion in client assets.

Further Information

People interested in the lawsuit may receive and provide information by visiting http://www.bofagenderlawsuit.com or calling toll free 1-888-886-9359 to leave a message for plaintiffs’ counsel.

Members of the media can also obtain a copy of the complaint and this press release by contacting Brandan de Coteau at 415-956-1000.

Fact Sheet for Calibuso, et al. v. Bank of America Corp.

Plaintiffs: Ms.Judy Calibuso (approximately 15 years in industry as Financial Advisor), Ms. Julie Moss (approximately 9 years in industry as Financial Advisor), and Ms.Dianne Goedtel (approximately 7 years in industry as Financial Advisor) have brought suit on behalf of themselves and others similarly situated in this class action. Ms. Calibuso continues to work at Merrill Lynch as a Financial Advisor. Ms. Moss and Ms. Goedtel no longer work at Bank of America. Ms. Moss continued to work in the industry as a Financial Advisor until she was called to duty in support of Operation Iraqi Freedom/Operation Enduring Freedom, and is now on military leave. Ms. Goedtel still works in the industry as a Financial Advisor.Defendants: Bank of America Corporation; Merrill Lynch & Co., inc.; and Merrill Lynch, Pierce, Fenner & Smith, inc.Court: The lawsuit was filed on March 30, 2010, in the United States District Court for the Eastern District of New York (federal court in New York).Claims Alleged: Violations of the Civil Rights Act of 1964 (“Title VII”), the New York State Human Rights Law, and the Florida Civil Rights Act of 1992.Key Allegations: Defendants have engaged in a continuing policy and practice of gender discrimination with respect to business opportunities, compensation, professional support, and other terms and conditions of employment, and of retaliation in response to complaints of discrimination.Relief Sought: Plaintiffs seek an end to these discriminatory policies and/or practices and retaliation, injunctive and declaratory relief, an award of back pay and front pay, and compensatory and punitive damages.Contact Attorneys: The Lieff Cabraser attorneys handling this case are Kelly M. Dermody, Rachel J. Geman, and Heather H. Wong. The Outten & Golden attorneys handling this case are Adam T. Klein and Cara E. Greene.

About Plaintiffs’ Counsel

Plaintiffs are being represented by two law firms: the national class action firm Lieff Cabraser Heimann & Bernstein, LLP, of San Francisco, California, New York, New York, and Nashville, Tennessee; and the plaintiffs’ employment firm Outten & Golden LLP of New York, New York and Stamford, Connecticut. These firms also represented female Financial Advisors in the Amochaev v. Smith Barney gender discrimination case, which resulted in a $33 million settlement.

Lieff Cabraser Heimann & Bernstein, LLP, is a 60-plus attorney firm with offices in San Francisco, New York, and Nashville. Lieff Cabraser has represented plaintiffs in a wide variety of class action litigation, including employment discrimination and civil rights, wage and hour, and pension benefits litigation.

Since 2003, The National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation. Lieff Cabraser is one of only two plaintiffs’ law firms in the United States to receive this honor for the last seven consecutive years. More information on the firm can be found at www.lieffcabraser.com.

Outten & Golden LLP is a 30-plus attorney firm with offices in New York and Stamford. O&G represents plaintiffs in a wide variety of employment law matters, including national class and impact statutory discrimination cases, major class-based wage and hour violations, and contract negotiations. O&G represented plaintiff-intervenor Allison Schieffelin in a pattern or practice sex discrimination suit prosecuted with the EEOC against Morgan Stanley that resulted in a $54 million settlement and substantial injunctive relief and has handled discrimination claims against numerous other major Wall Street firms. More information on the firm can be found at www.outtengolden.com.

SOURCE: Lieff Cabraser Heimann & Bernstein, LLP

Lieff, Cabraser Kelly Dermody, 415-956-1000 or Outten & Golden Adam Klein, 212-245-1000

Copyright Business Wire 2010

Women Employees Sue Bank of America and Merrill Lynch for Alleged Sex …