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The settlement still needs court approval, which the law firms say they expect to seek in December. The settlement comes just over a week after the announcement of a $160 million proposed settlement between Merrill Lynch and 1,200 black financial advisers. That settlement also calls for Merrill to create a "leadership council" to recommend ways to improve opportunities for African Americans; interview at least one minority candidate when selecting new executives; and consider diversity issues when assessing directors' job performances. Merrill Lynch is one of the world's largest brokerages with more than 15,000 financial advisers. Bank of America is based in Charlotte, N.C.
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