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US case settled by Dresdner Kleinwort

Dresdner Kleinwort [part of Allianz] has settled a US lawsuit brought by six female employees who were seeking $1.4bn (£709m) for what they claimed was a "pervasive pattern and practice" of sexual discrimination. The case was "resolved without admission of liability to the satisfaction of the parties", the bank said... The six employees, who have since left the bank, claimed it treated women as "second-class citizens" and that men were paid more and promoted more frequently. Dresdner Kleinwort, the investment banking arm of Allianz, the German insurer, said the case was "without merit". [refers to discrimination claims involving Morgan Stanley, Merrill Lynch, Bank of America, Schroders, BNP Paribas, HSBC]