Investment Bank Sued $1.4 Billion for Sex Discrimination

By Dave Wilson

Published on January 10, 2006

Filed Monday in a New York federal court, the lawsuit alleges that female employees persistently faced sex discrimination in the workplace. The complaint states that the women were subjected to demeaning comments at work; one female employee was allegedly dubbed the "Pamela Anderson of trading." Another plaintiff claims that she was asked to leave a deal-closing celebration so that male employees could visit a strip club.

The plaintiffs also claim that a "glass ceiling" prevented women from advancing to senior levels within the company. The percentage of female managing directors at Dresdner Kleinwort Wasserstein Securities is significantly lower than the average for Wall Street firms, which is less than twenty percent. The suit alleges that female employees were, "openly treated with hostility and denied equal terms of employment."

A Dresdner AG spokesman declined to comment on the lawsuit, but mentioned that the company complies with employment laws and would defend itself rigorously in the matter. The lawsuit is the latest in a string of sex discrimination cases to be brought against prominent companies. Morgan Stanley settled a gender bias suit for $54 million in 2004.

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