The predecessor company of Bank of America accused of racial discrimination.
In 1993 Charlotte-based NationsBank, was accused of racial profiling and discrimination and in 1998 it merged with San Francisco-based Bank of America.
1,027 people, who tried to get clerical, teller and administrative positions 23 years ago would get $1 million in total as a compensation for lost wages and benefits. The bank tried to challenge the court decision but was not successful.
They also provided no explanation of why the settlement took so long. “Although much time and effort has gone into this case by all parties, the department is pleased that the matter has been resolved,” Thomas Dowd, the director for federal contract compliance programs of Bank of America stated.
We live in hope that times are changing but the comments above will tell you they aren’t. Bank of America is also not the only one known for racial prejudice, that is why the only way out, for now, is to keep money in Black-owned banks.