Approximately 1,200 women financial advisors in the employ of Wells Fargo will receive $18,000 each in a class action settlement set to be approved by the U.S. District Court Judge presiding over the action.
According to The Street, the gender bias lawsuit alleged that Wells denied its women advisors
a fair share of account distributions, fair treatment in investment partnerships and opportunities to purchase books of business from other financial advisors, and fair consideration in other mentoring and marketing opportunities. The suit also alleges unfair compensation, including signing bonuses, and discrimination in promotion to higher positions such as branch manager.
We here at She Negotiates are always happy to see lawsuits resolved by negotiated agreements, particularly when gender bias settlements include structural changes likely to decrease the persistent income and leadership gaps in finance and the professions.
Though the full details of the agreed upon monitored enhancements in training and increased efforts to promote Wells' women are not readily available, they may well mirror the proactive measures included in the 2007 Morgan Stanley gender bias action. According to a white paper released by Navigant Economics last year, that settlement