Morgan Stanley’s Global Wealth Management Group (GWMG) today announced it has settled a gender class action lawsuit involving current and former women financial advisors and registered trainees.
Under terms of the settlement, which is subject to the approval of the U.S. District Court in Washington, D.C., GWMG will adopt new programs in such areas as account redistribution, training and management development designed to enhance the success of women financial advisors. In addition, it establishes a process through which women financial advisors 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.
One of the largest businesses of its kind in the world with $690 billion in client assets, GWMG provides a range of wealth management products and services to individuals, businesses and institutions. These include brokerage and investment advisory services, financial and wealth planning, credit and lending, banking and cash management, annuities and insurance, retirement and trust.
Morgan Stanley (NYSE:MS) is a leading global financial services firm providing a wide range of investment banking, securities, investment management, wealth management and credit services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 31 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
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