31 Dec - USA:
Merrill Lynch & Co. (MER) has agreed to pay $1.6 million to settle a discrimination lawsuit that alleged an employee was let go from the company because he is Muslim and Iranian, the U.S. Equal Employment Opportunity Commission said Wednesday.Link
The lawsuit filed by the EEOC alleged that the investment bank failed to promote Majid Borumand, a quantitative analyst in its Model Development Group, in August 2005 and ultimately terminated him because of his national origin and religion.
The lawsuit alleged that while working at Merrill, Borumand was subjected to a number of hostile remarks, including being told that "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 (is) a threat."
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