Bulletin: Wall Street Firm Settles Sex Discrimination Lawsuit

Morgan Stanley has agreed to pay $54 million to settle a class-action lawsuit accusing the banking firm of sex discrimination. The suit was brought in 2001 by the U.S. Equal Employment Opportunity Commission and charged that Morgan Stanley discriminated against women in its Institutional Equity division with respect to promotions, compensation, and other terms and conditions of employment. The lead plaintiff in the case will receive $12 million of the total settlement amount. The remainder will be shared among as many as 100 women, who could receive an average of $400,000 each.