Morgan Stanley Settles Discrimination Lawsuit For $46 Mil

03/28/2008 02:45 am ET | Updated May 25, 2011

A federal judge on Thursday approved a $46 million settlement of a class-action lawsuit filed by a group of women alleging gender discrimination by their employer, investment bank Morgan Stanley.

The settlement was reached in April and received preliminary approval from U.S. District Court Judge Richard Roberts in July. Roberts will formally approve the settlement Oct. 24 after individual members of the lawsuit have been notified, said James Wiggins, a spokesman for Morgan Stanley.

Six women sued the securities firm last year, alleging that female financial advisers and trainees were discriminated against in compensation, promotion, work assignments and other areas. The suit was expanded to cover a class of approximately 3,000 women who worked at Morgan Stanley between Aug. 5, 2003 and June 30, 2007.