March 20 2007
New York, NY: (Mar-15-07) A class action lawsuit filed against Morgan Stanley by six former Morgan Stanley female brokers is estimated to include more than 3,000 claimants who worked at the firm's retail brokerage unit. The suit alleged the brokerage firm discriminated against thousands of its female financial advisers in compensation and promotion. Some of the plaintiffs claimed they were terminated on the basis of their gender during downsizing in August 2005, when Morgan Stanley fired about 1,000 of its lowest-producing brokers, while some claimed discrimination on the basis of age. The New York-based broker dealer has filed a joint status report with the lead plaintiffs saying a settlement has been reached, though not revealing the specifics of the agreement.
[BUSINESS WEEK: MORGAN STANLEY DISCRIMINATION
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