Morgan Stanley to Settle Sex Discrimination Suit for $46 Million
Morgan Stanley, one the world's largest securities firms, said Tuesday that it had set up a $46 million claims pool to settle a sex-discrimination lawsuit and said it would enact new policies to help women succeed as financial advisers.
The settlement, which must be approved by the U.S. District Court in Washington, would change training and management-development programs in Morgan Stanley's wealth-management division, the company, based in New York, said.
Six women who are former Morgan Stanley financial advisers filed the complaint last year, claiming the company had discriminated against them and more than 3,000 other current and former advisers since August 2003. Morgan Stanley paid women less than men and gave them fewer promotion opportunities, the women claimed.
Morgan Stanley fired four male employees in January 2006 after they attended an Arizona strip club with at least one client.
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