Investment banker Morgan Stanley this week reached a settlement with hundreds of women who claimed they had been sexually harassed and denied raises and promotions at the company. Morgan Stanley agreed to pay the women $54 million in total.
Since most Wall Street firms require employees to sign contracts requiring that they use arbitrators to settle legal disputes, Morgan Stanley’s trial would have been the first such trial of a brokerage firm had it proceeded.
Forty million dollars of the settlement will go directly to the 340 complainants, while $14 million will be earmarked for anti-discrimination training at the investment firm.
Morgan Stanley settles sex case. The BBC, July 12, 2004.
The Morgan Stanley Settles Sexual Harassment Lawsuit for $54 Million by Brian Carnell, unless otherwise expressly stated, is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 License.
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