A New Lawsuit Claims Morgan Stanley Still Discriminates Based on Race [Fortune]
Morgan Stanley (MS)
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Source: Fortune
The Morgan Stanley sign at their world headquarters in New York City on Dec. 19, 2007. Stephen Chernin—Getty Images By Eli Meixler 11:12 PM EST Racial discrimination in hiring and employment practices continued at investment bank Morgan Stanley (ms) despite a class-action settlement more than a decade ago, according to a new lawsuit filed Thursday by a former employee. In a federal court complaint, John Lockette, an African-American former wealth manager, alleged that he received negative performance reviews , was denied raises and given derisive nicknames, and was ultimately fired from Morgan Stanley in August 2016 as a result of his calling attention to the company’s racial biases, Reuters reports. In 2007, the bank had agreed to a $16 million settlement over accusations that branch managers showed white brokers
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