Facing several weeks in open court fending off allegations of sexual discrimination, Morgan Stanley took the quick way out. As it did in response to recent scandals over Wall Street research and mutual funds, it proclaimed its innocence and caved in. In a settlement reached on July 12th, Allison Schieffelin, a bond trader fired by the investment bank four years ago, will receive $12m. Another $4om will be available to those of the 340 women who worked in Ms Schieffelin's area of Morgan Stanley and can convince an arbitrator that they were wronged. Any remaining money will be used to subsidise women studying finance. A further $2m will be spent on diversity training programmes at the firm.
展开▼
