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Morgan Stanley: It'll Never Happen Again (Again)

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An eighteen-month law suit against Morgan Stanley by eight of its former female employees was settled today. While no hanky-panky (the best kind of hanky) took place, the women felt that they had been discriminated against in terms of how they were trained, promoted and paid. The bank settled for a minimum of $46 million; Morgan’s 2,700 female brokers will see a pay increase of around $16 million, and the bank promised that it will “overhaul the way accounts are distributed in the firm’s retail branches — a practice that determined [the women’s] opportunities for pay and advancement,” favoring the men in the brokerage business.
We don’t want to make the generalization that men lie, and make promises they never keep (although Carney did swear he’d bring me beer today and yet, here I am, no beer!) but perhaps we’ll make the sweeping generalization that the men who run Morgan Stanley might. Back in 2004, the bank paid $54 million to settle a case by Allison Schieffelin for: discrimination against women, vis-à-vis pay and promotions.
Jan Tyler, one of the women named in the suit, spoke with us today, and while she wasn’t allowed to say whether or not she was happy with her part of the settlement (or blink us an answer), she did offer that she will be writing a book based on the experience. She holds no grudges against Morgan Stanley, and wishes them all the best. And John Mack is my biological father.*
Wall St. Firm Will Settle Sex Bias Suit [NYT]
*More on Jan later. James Frey is all we can say for now and we've already said too much.