Morgan Stanley

A lawsuit has been filed and will seek class action status against the New York retail brokerage firm alleging racial discrimination in hiring, compensation, and promotion toward financial advisors. The lawsuit was filed at the US District Court for the Northern District of Illinois on behalf of African American current and former financial advisors, broker trainees, and managers claiming they were denied employment opportunities at the firm on the basis of color. The suit claims Morgan Stanley holds a dramatic under representation of African Americans as brokers and in executive and management positions at the firm. It also claims higher attrition and lower compensation is set for minority workers.