Merrill Lynch & Co. Inc. agreed to pay $1.55 million and improve employee training to settle a lawsuit that claimed discrimination in the firing of an analyst because he was an Iranian Muslim.

Tuesday’s settlement with the U.S. Equal Employment Opportunity Commission resolved allegations that Merrill refused to promote and in August 2005 fired quantitative analyst Majid Borumand because of his religion and national origin, and retained and promoted a less qualified person.

Merrill denied the charges in the EEOC’s June 2007 lawsuit filed with U.S. district court in Manhattan.   »»» Business Insurance News, Analysis & Articles

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