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Raleigh, N.C. • Bank of America is settling a case disputed since 1993 that its predecessor company systematically discriminated against black applicants for entry-level jobs in its hometown.
The U.S. Labor Department said Monday the largest U.S. consumer bank settled the nearly 24-year-old case against its Charlotte-based predecessor, NationsBank. The agency said Bank of America will pay $1 million in back wages and interest to 1,027 people who applied for North Carolina clerical, teller and administrative positions a generation ago.
The bank's penalty roughly corresponds to what a Labor Department review board last year determined it should pay. The bank challenged the decision in federal court before reaching the settlement.
Bank of America said in a statement it disagrees with the department analyses and is committed to fair hiring practices.