Wells Fargo & Co. (WFC) agreed to pay $32 million to settle a lawsuit alleging its subsidiary Wachovia Securities LLC discriminated against female financial advisers by blocking career advancement and paying them less than men.
Wells Fargo and lawyers for a class of about 1,200 plaintiffs asked a federal judge in Washington today to approve the terms of the settlement, which calls for internal changes aimed at promoting female advisers and four years of monitoring by outside counsel.
U.S. District Judge Colleen Kollar Kotelly said that she had no problems with the core terms of the settlement agreement and would issue a ruling “as fast as I can.”
The lawsuit was filed two years ago by three employees of Wachovia Securities alleging the company had since 2003 systemically denied equal employment opportunities to its female financial advisers, keeping women from moving into more “prestigious roles” or management positions.
Read on.
No comments:
Post a Comment