Morgan Stanley Agrees To Settle Race Bias Suit

Law360, New York (August 3, 2007, 12:00 AM EDT) -- Morgan Stanley has reached an agreement-in-principle to settle a race discrimination class action brought on behalf of a group of black and Latino financial advisors who alleged a long-standing practice of bias.

According to a statement released by the plaintiffs' attorneys Thursday, the investment bank has entered into a five-year settlement agreement that establishes a “significant” monetary fund for the 1,200 employees, the exact value of which remains confidential.

Under the deal, which awaits court approval, Morgan Stanley has also agreed to reform firm policies on...
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