Morgan Stanley continues to be fielding sex-discrimination suits brought by female employees two years after it shelled out $54 million to settle a bias claim by a former bond saleswoman. In the latest case, a class action on behalf of “all female financial advisors” who worked at the firm from August 2003 to the present, charges that no women were ever elevated beyond the position of financial adviser. MS has commented that the firm is “committed to enhancing the performance of its female financial advisors and will continue to work with class counsel on changes to accomplish this objective.” Nevertheless, the suits keep on coming. In addition to the class action filed in Washington, D.C. – which is currently in settlement talks – a California-based former adviser, Daisy Jaffe, on Monday sued Morgan Stanley, charging that discrimination “pervades the corporate culture” of the investment firm. MS spokesman James Wiggins told Bloomberg News that a settlement in the D.C. case will also resolve Jaffe’s action. Morgan Stanley has already paid a heavy price for such charges.
