A federal judge gave final approval to a $33 million class-action settlement on Wednesday between Citigroup and current and former female financial advisors.
The settlement puts an end to a three-year old gender discrimination lawsuit brought by three female brokers that alleged Smith Barney branch managers routinely allocated a disproportionate share of new business opportunities to male colleagues. Citigroup denied any wrongdoing. As part of the settlement the firm agreed to institute some changes to the business, including hiring a “diversity monitor” and a so-called independent industrial psychologist.
1,285 female Smith Barney advisors that worked at the firm between August 2003 and March 2008 will share in the $33 million award (along with their attorneys, of course). To read the full release on the settlement, click here .