$美国银行(BAC)$ Bank of America (BAC) shares are up almost 4% to $8.92 in late afternoon trading after a federal appeals court upheld the dismissal of a racial bias lawsuit against the company at the former Merrill Lynch & Co, which is now owned by BAC.
The 7th U.S. Circuit Court of Appeals in Chicago rejected a challenge to a retention bonus program that Merrill had adopted to keep brokers from defecting after it was acquired by BAC in 2009. The court found that payouts were based on "race-neutral" assessments of prior performance. It also said there was no evidence to show that Merrill paid black brokers lower bonuses than white brokers with an intent to discriminate. However, the appeals court said the plaintiffs could try to recover losses over bonus payouts in a separate case.
BAC is trading within a day's range of $8.56 - $8.97 and a 52-week range of $4.92 - $10.10.