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An ongoing gender discrimination lawsuit against Goldman Sachs filed four years ago by three former female employees now has the support of several additional former employees who allege the financial giant has a “boy’s club” atmosphere where women are mocked and excluded by their male colleagues.
Bank of America will pay $39 million to settle claims it discriminated against women in its investment advice division, the company announced Friday evening. It is the bank’s second major settlement over employee discrimination claims in two weeks.
The money will be divvied up between roughly 4,800 women who worked at Bank of America and its subsidiary Merrill Lynch from 2007 onward. The suit alleged the companies had systematically pushed the most lucrative clients to men, undermining women’s compensation and professional opportunities in ways that violate anti-discrimination provisions of U.S. civil rights law. An earlier settlement over gender discrimination was supposed to have changed the business culture that advantaged male brokers over women, but the claims in the suit settled Friday reportedly mirror those of previous gender discrimination suits that Merrill Lynch had paid $250 million to settle in the 1990s.
The allegations Merrill settled Friday also reflect the same pattern of behavior alleged by black investment advisers in a suit settled late last month for $160 million. That settlement is the largest racial discrimination payout on record at roughly four times the size of Friday’s gender discrimination payout. It will be divided among roughly one quarter as many plaintiffs. Both settlements include pledges to revise company practices and impose internal processes that are geared toward improving career opportunities and training for women and minorities.
originally posted by: bigfatfurrytexan
a reply to: Swills
The overt harrassment is not something I can speak for, nor do i wish to.
The less overt harrassment is what I am talking about. Men who exclusively congregate develop disgusting habits. Whether they are in a suit or in fire retardant clothing.
originally posted by: signalfire
Women can swear a blue streak too.