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Morgan's wealth group settles bias suit
Class Action |
2007/04/26 08:58
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| Morgan Stanley's Global Wealth Management Group has announced it will pay at least $46 million to settle a class action filed by eight current and former female financial advisers and registered trainees. Under terms of the settlement announced yesterday, which is subject to the approval of the U.S. District Court in Washington, the New York-based firm will adopt new programs in such areas as account redistribution, training and management development designed to enhance the success of women financial advisers. Also under the terms of the settlement, the firm will establish a process through which women financial advisers who believe they were historically disadvantaged because of their gender may submit monetary claims to a Special Master jointly appointed by the parties. A $46 million pool has been established to pay such claims and related costs. "We are firmly committed to the initiatives we will be undertaking to attract and retain women financial advisors and help them be as successful as possible, and pleased to resolve a legal matter stemming from the past. Our goal – across the organization – is to be the employer-of-choice for talented women," said Caroline Gundeck, head of the GWMG Office of Diversity. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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