Morgan Stanley Settles Discrimination Suit For $23.5M

Law360, New York (October 23, 2007, 12:00 AM EDT) -- Morgan Stanley has agreed to to pay $16 million to black and Hispanic financial advisers and to dole out an additional $7.5 million for diversity programs to settle a class action that claimed the firm overlooked minorities for advancement opportunities.

The investment bank and the lead plaintiffs in the case asked a California federal court on Monday to approve the settlement, under which the investment bank agreed to reform firm policies on recruitment, promotions, account distribution and complaint processing.

The class action was filed on behalf...
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