Turnley, et al. v. Bank of America, et al.

On May 18, 2007, Bernstein Litowitz Berger & Grossmann LLP and Major Khan LLC filed a race discrimination class action against Bank of America, N.A. (BOA) and Banc of America Investment Services, Inc. (BAI).  The lawsuit, filed in the District of Massachusetts by five African-American current and former employees of BOA and/or BAI, alleges a pattern or practice of race discrimination in connection with promotion, compensation, training and mentoring, and the distribution of accounts and business opportunities.  The lawsuit was filed on behalf of all African-Americans who were, are or will be employed at BOA or BAI as bankers and/or financial advisors between April 1, 2003 and the present. 

On July 2, 2009, the parties filed the proposed settlement and joint motion for preliminary approval of the settlement with the Court. On July 15, 2009, the Court entered an order preliminarily approving the settlement. On November 18, 2009, the Court granted final approval of the Settlement, dismissing the action in its entirety, awarding Class Counsel its requested attorneys' fees and expenses, and approving the Plan of Allocation and Service Awards for the Named Plaintiffs.  In its Final Judgment and Order of Dismissal, the Court also certified the Settlement Class and appointed Named Plaintiffs as the representatives of the Settlement Class, and Class Counsel as Class Lead Counsel with respect to the Settlement Class in this Action.  The Court retained continuing jurisdiction over implementation of the Settlement, including the (i) non-monetary relief contained therein; (ii) any award or distribution of the Settlement Fund; and (iii) all other proceedings relating to the implementation and enforcement of the terms of the Settlement Agreement, including the various programmatic relief described therein.

The claims administration has concluded. The net settlement fund has been fully disbursed. This matter is considered closed.