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Morgan Stanley has agreed to settle a sexual discrimination case for $54 million instead of facing trial. The second largest settlement that the Equal Employment Opportunity Commission has reached with a company it has sued and the first major settlement with a major securities firm, the settlement could cover as many as 340 women. The Wall Street firm had been facing accusations that it denied equal pay and promotions to women in a division of its investment bank.
Morgan Stanley has not admitted to any wrong under the settlement but has agreed to spend $2 million on diversity programs overseen by an outside monitor to better ensure success of women employees. The decision to pay was just minutes before a federal court trial were to commence but after it had lost a series of preliminary battles in the case. The trial would have presented statistical evidence and testimony against the firm.
Many critics believe Morgan Stanley would not have agreed to settle the sexual discrimination case if there was not some truth in the accusations that they did not want to take the chance of getting out. The close to the Morgan Stanley sexual discrimination case is expected to lead to other women and minorities on Wall Street to emerge as well.
One of the most prestigious firms on Wall Street, Morgan Stanley is not the first Wall Street firm that has had to defend themselves against sexual discrimination complaints in recent years. Both Merrill Lynch and Smith Barney have paid over a combined $200 million to women working in their brokerage operations and a panel of arbitrators has found Merrill Lynch guilty of engaging in sexual discrimination to a former broker and awarded $2.2 million in response.
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