A federal judge has approved a settlement by Wall Street financial services firm Morgan Stanley to end a sex discrimination suit. A class of 3,000 current and former female employees of the firm will share $46 million.
The women alleged that female financial advisors were discriminated against in compensation, promotion and work assignments.
The lawsuit involved high-level women at the firm, including one bond trader who earned more than $1 million per year before hitting “the glass ceiling” just below managing director. She was told she would not be promoted to that spot because she was “snippy.”
The lawsuit also claimed women at the firm were groped, slapped on the rear and excluded from extracurricular excursions to strip clubs, where men went to bond.