Morgan Stanley, the world's second-biggest securities firm has agreed to set up a $46 million claims pool to settle a sex discrimination lawsuit.
Six women, who were former Morgan Stanley financial advisers filed the lawsuit, claiming Morgan Stanley discriminated against them and more than 3,000 current and former advisers since August 2003. They were paid less than men and had fewer promotion opportunities.
Morgan Stanley agreed to increase earnings for female advisers by at least $16 million over five years. The firm also agreed to change training and management-development programs in wealth- management division.
This settlement marks the ninth largest in a US gender bias class-action case.