Judge Pamela Chen
Purported settlement was reached in Calibuso’s putative class action and collective action over alleged discrimination against female financial advisors, or “brokers,” at Banc of America Investments Services Inc. and Merrill, Lynch, Pierce, Fenner & Smith Inc. Only days before a rescheduled preliminary approval hearing, Calibuso’s counsel moved to allow intervention by class member Bender, a woman and non-class member Howard, a man. Both are class representatives in McReynolds v. Merrill Lynch, a similar action alleging bias against African-American financial advisors, whose settlement was preliminarily approved last month. The proposed intervenors argue that the “achievements” in the proposed McReynolds settlement “will be harmed by the proposed Calibuso settlement.” The court denied intervention with prejudice. In denying Bender intervention as of right, the court concluded that through the settlement process she will have the opportunity to object to the settlement, or opt out and reject settlement entirely. As a non-class member and a man, Howard lacked a “direct, substantial, and legally protectable” interest in the subject proposed settlement for female financial advisors who allege gender discrimination.
