A U.S. Department of Labor administrative-law judge has ordered Bank of America (NYSE:BAC) to pay almost $2.2 million in back pay and wages to more than 1,100 African-Americans because of race-based hiring discrimination, the Department of Labor announced today.
Judge Linda S. Chapman's ruling awards $964,033 to 1,034 applicants rejected for jobs in 1993 and $1,217,560 to 113 applicants rejected for jobs between 2002 and 2005. Bank of America must also offer jobs to 10 members of the affected class as positions become available.
Judge Chapman rejected Bank of America's attempt to obtain a lower award when the company argued it failed to keep appropriate records, according to the DOL announcement.
The Department of Labor's Office of Federal Contract Compliance Programs began a routine review in 1993 of Bank of America and found indications of systemic hiring discrimination affecting African-American job seekers at the company's Charlotte, N.C. facilities.
"Our investigators and attorneys prevailed despite decades of stalling tactics," said Solicitor of Labor M. Patricia Smith.
Bank of America spokesperson Christopher Feeney told the Fool in an email:
We are currently reviewing this recommended decision and order, which arises from a 1995 review. At Bank of America, diversity and inclusion are part of our culture and company values. We actively promote an environment where all employees have the opportunity to succeed.
- Better Buy: Bank of America Corporation vs. Goldman Sachs
- 3 Top Stocks Billionaires Love
- My 5 Largest Stock Holdings -- Here’s the One I’d Buy More of Now
- 8 Key Takeaways From Bank of America's Earnings Report
- 1 Thing Bank Investors Aren't Paying Enough Attention To
Fool contributor Dan Radovsky has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Bank of America. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.