Morgan Stanley is the latest firm to settle a class-action discrimination suit filed by thousands of its female reps.
The firm confirmed that it settled with over 3,000 claimants but would not comment further. Both sides expect to file documents to the U.S. District Court for the District of Columbia seeking preliminary court approval for the settlement by April 12 when the settlement terms will be made public.
In June, plaintiffs filed a complaint against Morgan Stanley alleging the firm engages in gender discrimination with respect to compensating and promoting female advisors. Further, the suit claims Morgan Stanley discriminated against the women in training and mentoring, account assignments and in taking part in company-approved partnership arrangements with other brokers. (Click here to read how the case started.)
Three of the lead plaintiffs are also alleging age discrimination at the firm.