A class of more than 2,500 female former brokers, who sued financial services giant Smith Barney for sex discrimination, will receive a $33 million settlement.
An initial lawsuit was filed in 2005 by four female brokers who accused Smith Barney of not giving them equal access to new accounts, promotions, pay, training and sales support. They also said the firm’s practices—using past performance to award future business and pay—put women who’d already been discriminated against further behind.
As part of the agreement, Smith Barney will change its systems for assigning accounts and awarding bonuses.
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