M&S represented a class of female financial advisors who alleged gender discrimination as employees of Wachovia Securities, which became Wells Fargo Advisors.
The case settled in 2011. The settlement resolves claims of gender discrimination in compensation, promotions to branch management positions and terms and conditions of employment under Title VII of the Civil Rights Act of 1964 or any state or local anti-discrimination law. It included a $32 million fund and required the company to make significant changes to its internal policies and practices. In addition to the $32 million fund, the defendants paid all costs of claims administration in this class action. Approximately 3,060 women were members of the class and affected by the settlement.
M&S Press Release
Law360, “Judge Approves $32 Million Final Wells Fargo Gender Bias Suit,” June 8, 2011
Bloomberg, “Wells Fargo Agrees to Pay $32 Million to Settle Bias Lawsuit,” June 8, 2011
Reuters, “$32 Million Settlement Covers 1,200 Female Brokers,” June 8, 2011
Wall Street Journal, “Wells Fargo Reaches Settlement in Gender-Bias Suit,” June 9, 2011