For years, sex discrimination lawsuits against Wall Street firms were almost guaranteed to include details of crude antics, pornography and strip clubs.
A bias settlement announced yesterday had no such lurid accusations, but sought to tackle a subtler, if arguably systemic, form of discrimination that has long troubled Wall Street.
Morgan Stanley agreed to pay at least $46 million to settle a class-action suit filed by eight current and former female brokers who contended that they were discriminated against in how they were trained, promoted and paid.
The settlement is intended to overhaul the way accounts are distributed in the firm’s retail branches — a practice that determined, the women said, their opportunities for pay and advancement. The distribution system, they argued, favored the men who had long dominated the brokerage business.
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