NEW YORK, July 13 (UPI) -- Morgan Stanley decided not to roll the proverbial dice with a New York jury and agreed instead to settle a sex discrimination lawsuit for $54 million.
The big brokerage firm decided Monday to spend the money to end a U.S. Equal Employment Opportunity Commission claim it had systematically underpaid and failed to promote women, the Washington Post reported Tuesday.
Morgan Stanley will pay: $12 million to Allison Schieffelin, whose 1998 complaint started the case: $40 million for claims from any of the estimated 340 mid- and upper-level women also covered by the settlement who can demonstrate discrimination; and $2 million for internal programs to address diversity and discrimination issues.
"The consent decree is a watershed in safeguarding and protecting the rights of women on Wall Street," said U.S. District Judge Richard M. Berman as he approved the deal.
"It focuses ... on furthering a culture of respect for women at Morgan Stanley."
