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Citigroup to pay $33 million in gender bias lawsuit [USA]

Author: Jonathan Stempel, Reuters, Published on: 3 April 2008

Citigroup Inc has agreed to pay $33 million to about 2,500 current and former female brokers at its Smith Barney unit to settle a three-year-old discrimination lawsuit...The plaintiffs had accused Smith Barney…of preventing female brokers from competing fairly with men for new accounts, promotions and pay, and depriving women of equal training and sales support. They also accused Smith Barney of using past performance, which they called "the results of historical discrimination," as a means to award business and pay...Citigroup also agreed to change how it awards bonuses and assigns accounts, and adopt measures to help retain and promote women...Citigroup did not immediately return a call seeking comment.

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Related companies: Citigroup Smith Barney (now Morgan Stanley Wealth Management)