Posted Apr 25, 2007 01:38 pm CDT
Morgan Stanley has agreed to pay up to $46 million to settle a class action suit by female brokers who alleged the investment bank discriminated against them in training, account assignments and pay.
Changes in the way new accounts are distributed are expected to increase the pay of the company’s 2,700 female brokers by at least $16 million, the New York Times reports.
This is the second major sex bias case Morgan Stanley has settled in the last three years. The company paid a $54 million settlement in 2004 in a suit by a former bond saleswoman.