67 Women Spilt Sex-Bias Settlement Against Investor Firm
By Matt Green
Published on August 18, 2005
As of Aug. 16, just 67 women filed successful claims to receive compensation from Morgan Stanley, the world's biggest securities firm. About 340 are eligible for the settlement between Morgan Stanley and the U.S. Equal Employment Opportunity Commission.
The commission, which enforces workplace civil rights law, sued the investment firm in 1998 on behalf of Allison Schieffelin and other female workers. The commission contended that Morgan managers denied women promotions, excluded them from work-related outings and paid them less than male workers.
Schieffelin received a $12 million settlement, with $2 million set aside for diversity education programs.
About $40 million was left for 340 other female employees. If the full $40 million isn't distributed, the remaining amount will fund a scholarship program for women pursuing financial careers.
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