Council v. Merrill Lynch, Pierce, Fenner

CourtDistrict Court, M.D. Florida
DecidedFebruary 7, 2025
Docket3:24-cv-00534
StatusUnknown

This text of Council v. Merrill Lynch, Pierce, Fenner (Council v. Merrill Lynch, Pierce, Fenner) is published on Counsel Stack Legal Research, covering District Court, M.D. Florida primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Council v. Merrill Lynch, Pierce, Fenner, (M.D. Fla. 2025).

Opinion

United States District Court Middle District of Florida Jacksonville Division LUCINDA COUNCIL, ET AL.,

Plaintiffs, v. NO. 3:24-CV-534-WWB-LLL MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, ET AL.,

Defendants.

Report and Recommendation Before the Court are Plaintiffs’ Unopposed Motion for Preliminary Approval of Class Action Settlement, doc. 2, and Plaintiffs’ Unopposed Motion for Approval of Attorneys’ Fees and Costs and Memorandum in Support, doc. 10 (collectively, “Motions”). In support of the Motions, and in response to two orders from the undersigned, docs. 21 & 23, the parties submitted several supplemental filings. Docs. 22, & 27-29. In their motion for preliminary approval of class action settlement, plaintiffs ask the Court for the following: (1) to certify the proposed settlement class for settlement purposes alone, (2) to approve the Settlement Agreement preliminarily, (3) to permit the proposed Notice of Class Action, proposed Settlement Agreement, and Settlement Fairness Hearing, (4) to appoint plaintiffs as class representatives and Outten &

Golden LLP (O&G) and Shavitz Law Group, P.A (Shavitz) as class counsel, (5) to schedule the fairness hearing, and (6) to enter the proposed Preliminary Approval Order. Doc. 2 at 1. In their motion for attorneys’ fees and costs, plaintiffs ask the Court for the

following: (1) to approve plaintiffs’ request for attorneys’ fees in an amount equal to one-third (33.3%) of the gross settlement amount ($6,583,500), and (2) to approve plaintiffs’ request for a separate award of reimbursement of costs reasonably incurred in the prosecution and resolution of this matter ($92,280.18). Doc. 10 at 1-2. The Motions have been referred to me for a report and recommendation

regarding an appropriate resolution. For the reasons discussed below, the undersigned recommends that: (1) the motion for preliminary approval of class action settlement, doc. 2, be granted; and (2) the motion for attorneys’ fees and costs, doc. 10, be denied without prejudice because it is premature. Background

Plaintiffs Gilmore and Council initiated this action in the Eastern District of Michigan on July 2, 2021. See Gilmore, et al. v. Merrill Lynch, Pierce, Fenner & Smith, No. 21 Civ. 11553, ECF No. 1 (E.D. Mich. July 2, 2021). On November 22, 2022, plaintiffs Gilmore and Council dismissed that action. Id., ECF No. 21. Shortly thereafter,

plaintiffs Gilmore and Council, along with plaintiffs Maitland and Ngufor, filed an action in the Fifteenth Judicial Circuit of Florida. See Council et al. v. Merrill Lynch, et al., No. 50-2022-CA-012658, Doc. 3 (Fla. Cir. Ct.), (filed Dec. 23, 2022). Plaintiffs dismissed the Florida state court action on May 6, 2024. Doc. 59. Plaintiffs then filed the operative complaint in this Court on May 24, 2024, doc. 1; the motion for preliminary approval of class action settlement was filed on the same day, doc. 2; and the motion for attorneys’ fees and costs was filed on June 7, 2024, doc. 10. Plaintiffs bring this action under Title VII of the Civil Rights Act of 1964 (42

U.S.C. § 2000e) and 42 U.S.C. § 1981, alleging “intentional discrimination” (Count One) and “disparate impact discrimination” (Count Two), doc. 1 at 8-9. Plaintiffs argue that defendants paid black1 employees working as financial advisors, financial advisor development program trainees, and financial solutions advisors (collectively, “financial advisors”) less than their white counterparts and promoted them less

frequently. Id. at 2. Plaintiffs contend defendants’ nationwide offices follow uniform compensation, employment, and promotion policies, and these work procedures disproportionately affect black financial advisors. Id. ¶¶ 18-20. Specifically, plaintiffs allege defendants

excluded black financial advisors from pay promotion opportunities; failed to include black employees on certain teams, account distributions, and leads; and adopted policies having a disparate impact on black financial advisors. Id. ¶ 20. Although both parties agreed to the proposed Settlement Agreement (Agreement), defendants deny the claims and allegations brought by plaintiffs. Doc. 2

at 5. Defendants maintain they treat their employees fairly and provide equal opportunities for compensation regardless of race. Id. Thus, the Agreement does not

1 Although the complaint describes proposed class members as “African American,” this Order uses the term “black,” which denotes race rather than ethnicity. constitute “an admission or evidence of any wrongdoing or liability” on defendants’ behalf. Doc. 2-2 at 2. The Proposed Class Settlement Agreement

The parties define the “Settlement Class Members” as: All [black] employees and former employees who held the position(s) at the Company of FA (financial advisors), FADP (financial advisor development program trainees), PMD (FADPs formerly known as Practice Management Development Trainees), or FSA (Financial Solutions Advisors) at any time from November 23, 2016 through December 23, 2022. The Settlement Class does not include any FAs, FADPs, PMDs, or FSAs who (i) did not pass the licensing exams required for the respective position; (ii) have executed a release of claims on or before the deadline for the Settlement Administrator to mail Notice to the Settlement Class releasing any claims that would or could have been alleged in the Action, including race and/or color discrimination, harassment, or retaliation claims; or (iii) have obtained a final judgment or determination concerning any claims that would or could have been alleged in the Action, including race and/or color discrimination, harassment, or retaliation claims. Doc. 2-2 §§ 2.31, 4.2. According to the Agreement, defendants will pay a gross settlement amount of $19,950,000.2 Id. at 8. These funds will account for the money paid to class members, attorneys’ fees and costs awarded by the Court, costs connected to the administration of the Gross Settlement Fund, and all applicable taxes required by law to be paid or withheld by defendants. Id.

2 The settlement fund will be divided in half—with fifty percent allocated to those employed with the title of “financial advisor” and fifty percent for those employed with the title of “financial advisor, development program trainee, or financial solutions advisor.” Id. § 4.3(B). The Agreement states the settlement administrator will calculate each class member’s monetary award based on a point system using the member’s tenure length as a financial advisor between November 23, 2016, and the date of the preliminary

approval order. Id. § 4.3(B). According to the Agreement, points would be assigned according to workweeks—based on calendar weeks in the year—within the specified time frame. Id. §§ 4.3(B)(1)-4.3(B)(2). Class members would earn credit for the week if defendants employed the member as one of the designated financial advisors for any part of that week—even if the class member was on leave or using sick or vacation

days during that time. Id. §§ 4.3(B)(3). Next, the settlement administrator will “total the points attributable to each Settlement Class Member . . . and divide each Settlement Class Member’s points by the total points to obtain the Settlement Class Member’s share of the Net Settlement Fund.” Id. § 4.3(B)(2)

Further, plaintiffs’ counsel requests the Court award one-third of the total settlement fund as attorneys’ fees, in addition to “reasonable out-of-pocket costs and expenses” that, if approved, would also be deducted from the settlement fund. Id. § 4.4(A). Lastly, the Agreement lays out programmatic changes for defendants to

implement that “reinforce the Company’s commitment to equal employment opportunity for all employees . . .

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Bluebook (online)
Council v. Merrill Lynch, Pierce, Fenner, Counsel Stack Legal Research, https://law.counselstack.com/opinion/council-v-merrill-lynch-pierce-fenner-flmd-2025.