Merrill Lynch to pay $1.55 million for discrimination against Iranian Muslim
The U.S. Equal Employment Opportunity Commission (EEOC) has announced that Merrill Lynch, the international financial services firm, has agreed to pay $1,550,000 to settle a discrimination lawsuit on behalf of an Iranian Muslim former worker who alleged that he was fired due to his religion and national origin.
The EEOC’s lawsuit alleged that Merrill Lynch refused to promote Majid Borumand and dismissed him from a position as a quantitative analyst in August 2005 because of his Iranian national origin and Muslim religion. The EEOC claimed that Merrill Lynch instead retained and promoted a less qualified individual.
The lawsuit contained allegations that while employed at Merrill Lynch, Buromand was subject to hostile and bigoted remarks, including but not limited to a comment that ‘Quants [Quantitative Analysts] were like Israelis and traders were like Palestinians.’
Borumand also alleged that he was prohibited from sitting on the trading floor with his peers and placed in an office on a different floor, with the explanation being : “the reason that you are not allowed on the trading floor is because you are from a country which has a high risk factor and a threat.”
While Merrill Lynch denied any wrongdoing initially, it eventually decided to settle the claim. In addition to the monetary relief Merrill Lynch will provide training to its employees regarding discrimination based on religion and national origin. In addition, the decree states that Merrill Lynch will not discriminate against employees because of their national origin or religion, and will not retaliate against employees who oppose discrimination. The decree also calls for monitoring by the EEOC to ensure compliance.
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