Chillin' out till it needs to be funded
Merrill Lynch, the investment bank acquired by Bank of America on Thursday, will pay more than $1.5 million to settle a federal discrimination lawsuit brought on behalf of a former employee, an Iranian Muslim who federal civil rights officials said was fired because of his religion and national origin.
In June 2007, the United States Equal Employment Opportunity Commission sued Merrill Lynch under Title VII of the Civil Rights Act on behalf of the employee, Majid Borumand.
The suit, filed in Federal District Court in Manhattan, alleged that Merrill Lynch refused to promote Mr. Borumand, and terminated him from his position as a quantitative analyst in August 2005 because he was Iranian and Muslim. Merrill Lynch instead hired and promoted a less-qualified individual, the suit said.