Merrill Lynch Settles $1, 555, 000-Discrimination Lawsuit

New York- Merrill Lynch, an international financial services firm, agreed to pay $1, 550, 000 to settle a discrimination lawsuit against an Iranian Moslem who was fired because of his religion and national origin, the U. S. Equal Employment Opportunity Commission (EEOC) announced on December 31, 2008.

According to an EEOC news release, Majid Borumand, a former employee, was denied promotion and was terminated from a position as a quantitative analyst in August 2005, due to his national origin and religion.

Instead, Merrill Lynch retained and promoted a less qualified employee, according to the lawsuit filed before the U.S. District Court of the Southern District of New York.

In addition to the financial relief for Borumand, the firm will also provide training for the employees regarding discrimination based on religion and national origin.

Moreover, Merrill Lynch also stated in the consent decree settling the litigation, that it will not discriminate employees based on their national origin or religion and will not retaliate against employees who oppose discrimination.

Additionally, the decree calls for monitoring by the EEOC to ensure compliance.