Ms. magazine  -- more than a magazine a movement

SIGN UP FOR MS. DIGEST, JOBS, NEWS AND ALERTS

FEMINIST WIRE NEWSBRIEFS

ABOUT
SEE CURRENT ISSUE
SHOP MS. STORE
MS. IN THE CLASSROOM
FEMINIST DAILY WIRE
FEMINIST RESOURCES
PRESS
JOBS AT MS.
READ BACK ISSUES
CONTACT
RSS (XML)
 
feminist wire | daily newsbriefs

July-14-04

Morgan Stanley Settles Sex-Bias Suit with $54 Million Out of Court

Faced with charges of sex discrimination in the workplace, Morgan Stanley agreed yesterday to pay a $54 million settlement rather than stand trial. The lawsuit, settled with the US Equal Employment Opportunity Commission (EEOC), came just minutes before an EEOC lawyer would have switched on a projector and displayed statistical evidence against the firm. Female employees claimed that the company systematically denied them equal pay and promotions, and excluded the women from meeting with clients, often setting up male-only functions at strip clubs and golf games, according to Bloomberg.com.

While Forbes.com notes that the $54 million settlement is merely a pittance for the Wall Street firm (representing just one day’s worth of revenue for Morgan Stanley), the EEOC win is the second biggest sex-bias settlement to date. Twelve million dollars of the settlement money will go to the lead plaintiff, Allison Schieffelin. Within 10 days, Morgan Stanley must contact all women who have worked for the company since 1995 and invite them to come forward and file claims. An estimated 340 female employees may file complaints, and an outside monitor will distribute $40 million of remaining settlement funds accordingly, reports The New York Times. Two million dollars have been reserved for diversity programs and anti-discrimination training to ensure future gender equity and success for women at Morgan Stanley, according to The New York Times.

Judge Richard M. Berman called the settlement “a watershed in safeguarding and promoting the rights of women on Wall Street,” according to The New York Times. Women currently comprise a “shrinking portion” of Wall Street employees, making up thirty-seven percent of the entire Wall Street workforce, down from 43 percent in 1999, according to Bloomberg.com.

Sexism and pay discrepancies extend from Wall Street firms to Middle-America Wal-Mart stores to Pennsylvania Avenue. Recent figures leaked from the White House reveal that women in the Bush administration earn about 78 percent of male employees’ salaries, due to the fact that men occupy 12 out of 17 top pay scale jobs and dominate high-end positions, according to The Washington Post.

JOIN the Feminist Majority and support our work for women’s equality

Media Resources: Forbes.com 7/13/04; Bloomberg.com 7/13/04; The New York Times 7/13/04; The Washington Post 7/13/04


© Feminist Majority Foundation, publisher of Ms. magazine

If you liked this story, consider making a tax-deductible donation to support Ms. magazine.

 

 

Send to a Friend
Their
Your
Comments
(optional)


More Feminist News

7/23/2014 UConn to Pay Over $1.2 Million in Sexual Assault Settlement - The University of Connecticut (UConn) will pay $1.28 million in settlement fees for a sexual assault lawsuit brought against the university by five sexual assault survivors. The federal lawsuit was brought by five women after four of the women had filed complaints with the Department of Education (ED) alleging that UConn had mishandled rape cases and failed to take action on reports of harassment, in violation of Title IX. . . .
 
7/23/2014 100 Days Vigils Held To Support Rescue of Kidnapped Nigerian Schoolgirls - 100 days ago today, more than 270 schoolgirls were kidnapped in Nigeria by Boko Haram. . . .
 
7/22/2014 Louisiana Pro-Choice Community Stands Up Against Operation Rescue - Saturday, Operation Rescue/Operation Save America launched an aggressive week-long siege against reproductive health clinics and abortion care providers in southern Louisiana. The annual siege is expected to run through Saturday, July 26, but already, several dozen Operation Rescue protesters have moved these forceful assemblies to doctors' private residences, riling neighbors in the process with their megaphones, explicit and invasive signage. . . .