Thank you for sharing!

Your article was successfully shared with the contacts you provided.
A federal judge in Washington, D.C., gave final approval Monday to a $31 million settlement by American Express Co. of an age and sex discrimination lawsuit. Four thousand female financial advisers could receive compensation. Four women who filed a complaint with the Equal Employment Opportunity Commission in October 1999 were later joined by 13 more in what became a class action suit alleging they were unfairly denied promotions and pay. The women said the financial services giant created a “glass ceiling” for female financial advisers by giving lucrative accounts and steering leads on prospective clients to male advisers, and by favoring men in training, mentoring and promotion. American Express denied the allegations and said it settled the suit to avoid expensive litigation. “We don’t believe we discriminated against women advisers. … But we worked on the settlement diligently and we feel it’s fair and reasonable,” said Marie Davis, a spokeswoman for the subsidiary involved, American Express Financial Advisors Inc. U.S. District Judge Henry Kennedy in Washington, D.C., approved the settlement, which was filed with the court in January and tentatively approved by him in March. In addition to paying $31 million, which will go to eligible employees and cover attorney fees, American Express also agreed to begin mandatory diversity training and hire a diversity officer for its financial advisers subsidiary. The company also must ensure that 32 percent of new hires for its financial adviser team are women. Bill O’Brien, one of the attorneys representing the women, on Monday called the settlement “a fair resolution of the claims.” Another plaintiffs’ attorney, Lawrence Schaefer, said American Express “should be commended for focusing its energy and resources on eradicating barriers and on enhancing opportunities for women financial advisers rather than on litigation.” Copyright 2002 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

Want to continue reading?
Become a Free ALM Digital Reader.

Benefits of a Digital Membership:

  • Free access to 1 article* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

*May exclude premium content
Already have an account?

Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.