Morgan Stanley settles lawsuit involving 2,700 female workers
LOSSES & LAWSUITS
The lawsuit, brought in 2005, alleged that female brokers and trainees working in Morgan Stanley's global wealth management group from August 2003 were not given the same business opportunities as men.
Morgan Stanley has agreed to make a lump sum payment of $46 million immediately. Including interest and the bank's share of employment taxes, the figure should reach $50 million. The bank has also agreed to participate in a $7.5 million equal opportunities monitoring programme. One of the items in the latest settlement, according to the plaintiff's attorney Cyrus Mehri, was Morgan Stanley's undertaking not to honour business expenses that are directly or indirectly related to male-only entertainment establishments.
The settlement still has to be approved by the federal court.
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