Morgan Stanley agreed Monday to pay more than 1,000 black and Latino brokers a $16 million settlement and institute diversity programs to end a class action discrimination lawsuit.
The suit alleged Morgan Stanley discriminated against African-American and Latino brokers and broker trainees in business, compensation, and other employment opportunities based on race and ethnicity.
“This settlement is an innovative way to address historic industry issues,” said James Wiggins, a Morgan Stanley spokesman, “and will advance our efforts to foster diversity and professional success within our financial adviser force.”
Paying $16 million to employees that have been discriminated against is now considered an “innovative way to address historic issues?” More like an age-old way to make people forget about the historic issues?
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Its another way of saying we paid them 16,000 each to shut up and not work for us anymore.
That is so lame! They should hold out for compensation based upon other employees who had the training and what their top earnings would have been had they been trained and then Morgan Stanley should pay their wages while they are trained at another office like Schwab or some other higher company, and then make sure they are placed in jobs at the level they should be after the training.
bdsista, um, while that would be good for the brokers, it’s in no way good for Morgan. I’m sure the other firms will gladly recruit disgruntled MS brokers as well as the many graduates who will now not want to work for them.
White people never cease to amaze me in how they try to cover up their racism with something “innovative”
Well…those slaveholders can be very crafty, ya know.