Sex discrimination settlement costs Morgan Stanley £29m

Investment
bank Morgan Stanley has paid out £29m ($54m) to settle a sex discrimination
case involving hundreds of its employees.

According
to the Evening Standard newspaper, the largest single payout, £6.5m ($12m),
will go to a senior female executive.

It
is predicted the case could have major implications for financial institutions
in the UK.

The
Evening Standard reported that as part of the deal – agreed by the bank just
before the case was about to open in New York – hundreds more female Morgan
Stanley employees will share £21m ($40m).

Some
of the money will be used to fund scholarships for women wanting to work in
financial services.

By Quentin Reade

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