Morgan Stanley's $16M Deal In Bias Suit Gets Nod

Law360, New York (February 8, 2008, 12:00 AM EST) -- A protracted race discrimination suit between Morgan Stanley and 1,200 black and Hispanic employees may soon draw to a close, after the court granted preliminary approval to a $16 million settlement on Thursday.

Judge Thelton Henderson of the U.S. District Court for the Northern District of California said that the firm's $16 million settlement offer, and the promise to devote another $7.5 million for diversity initiatives, was sufficiently “fair, adequate, and reasonable.”

Members of the class will have the choice of accepting the settlement or opting...
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