Morgan Stanley Settles Gender Discrimination Class Action Lawsuit
Tuesday, November 20th, 2007Morgan Stanley agreed to pay $46 million in cash to settle a gender discrimination class-action lawsuit filed by female financial advisers and trainees employed by the New York-based investment bank, lawyers for the plaintiffs said Monday.
In a ruling handed down late Friday, District Court Judge Richard W. Roberts for the District of Columbia agreed to the terms of the settlement, which included increasing female financial advisers’ earnings by at least $16 million over the next five years. The company is also expected to spend $7.5 million on diversity-related programs