The majority of the plaintiffs were displaced after First Union acquired First American and Meritor Savings in 1992 and 1993. The plaintiffs claimed that the displacements disproportionately impacted older and minority employees and were discriminatory.
First Union and the plaintiffs have agreed to settle the lawsuit for $58.5 million. The settlement agreement is not an admission of any wrongdoing by First Union, but reflects a desire to end costly litigation that would detract from First Union's primary focus of serving customers and its commitment to equal employment opportunities for all of its employees.
First Union says that its selection process for employees at any merged or acquired institution is designed to select the best employees regardless of age, race or any other protected status.
First Union Corporation is an equal employment opportunity employer and does not discriminate in recruiting, hiring, compensation, promotion or other employment terms based upon race, color, religion, creed, national origin, citizenship, gender, age, disability, or veteran status.
The plaintiffs were represented by the law firm of Sprenger and Lang of Washington, D.C. and Minneapolis, Minnesota. Paul Sprenger, senior partner and lead counsel in this case, said from his Washington, D.C. office, "This is a fair settlement because the plaintiffs could have lost and if they won, we would not have collected for at least three years."
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