Comerica Faces Major Employment Discrimination Lawsuit
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: PRnewswire
- Lawsuit Background: Comerica Incorporated has been sued in the U.S. District Court for the Eastern District of Michigan, alleging the implementation of an unlawful Diversity, Equity, and Inclusion (DEI) program characterized by 'Soviet-style' personnel controls and strict demographic quotas.
- Systematic Quota Allegations: The complaint claims that under CEO Curt Farmer, Comerica established corporate-level quotas that bypass merit-based hiring, directly linking executive compensation and performance ratings to these quotas.
- Damages Claim: Plaintiff James Spilko alleges he was denied nearly 30 promotion opportunities over five years despite exemplary performance reviews, seeking damages exceeding $30 million for violations of federal and state discrimination laws.
- Attorney Statement: Plaintiff's attorney James Fetto stated that while diversity is a commendable goal, Comerica's practices are illegal and reflect egregious behaviors implemented by some large employers at the management level.
Analyst Views on CMA
Wall Street analysts forecast CMA stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for CMA is 94.44 USD with a low forecast of 77.00 USD and a high forecast of 114.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
9 Analyst Rating
3 Buy
5 Hold
1 Sell
Hold
Current: 94.730
Low
77.00
Averages
94.44
High
114.00
Current: 94.730
Low
77.00
Averages
94.44
High
114.00
About CMA
Comerica Incorporated is a financial services company. The Company's segments include Commercial Bank, Retail Bank, Wealth Management, Finance and Other. Commercial Bank segment meets the needs of small and middle market businesses, multinational corporations and governmental entities by offering various products and services including commercial loans and lines of credit, deposits, cash management, and others. Retail Bank segment includes a full range of personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. It offers a variety of consumer products, including deposit accounts, installment loans, credit cards and others. Wealth Management segment provides products and services to affluent, high-net worth and ultra-high-net-worth individuals and families, business owners and executives, and institutional clients. Finance segment includes its securities portfolio and asset and liability management activities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
