Bank of America Corp.’s Merrill Lynch unit agreed to pay $160 million to settle a discrimination lawsuit filed by black financial advisors, a lawyer for the plaintiffs said.

The case, filed in 2005, was brought on behalf of one employee and grew to as many as 1,200 class representatives who “persevered through some long odds in this case,” said Suzanne Bish, a lawyer for the plaintiffs.

The agreement is scheduled to be considered by a federal judge in Chicago on Sept. 3, Bish said today in a phone interview.

“We are working toward a very positive resolution of a lawsuit filed in 2005 and enhancing opportunities for African-American financial advisors,” Bill Halldin, a Bank of America spokesman, said in an e-mail.

Bank of America, based in Charlotte, North Carolina, acquired Merrill for $33 billion in 2009.

The lead plaintiff in two cases against Merrill is Nashville, Tennessee, George McReynolds.

“Their goal in filing this was to try to make Wall Street a friendlier place where their kids would have the same opportunities to do this job that they love so much,” Bish said. “Our clients are going to help Merrill and help Wall Street be a more open place for everyone.”

The New York Times reported the settlement earlier.

The cases are McReynolds v. Merrill Lynch, 11-01957, U.S. Court of Appeals for the Seventh Circuit (Chicago), and McReynolds v. Merrill Lynch Pierce Fenner & Smith Inc., 05- cv-06583, U.S. District Court, Northern District of Illinois (Chicago).