Reuters reports that Citigroup also agreed to change how it awards bonuses and assigns accounts and to adopt measures to help retain and promote women, according to court papers.
The settlement “will include the input of outside experts who will not only help Citigroup better train, develop and retain women, but also make the company itself more successful,” Kelly Dermody, a partner at Lieff, Cabraser, Heimann & Bernstein L.L.P., which represented the brokers, told Reuters.
In the March 2005 complaint, the plaintiffs accused Smith Barney of preventing female brokers from competing fairly with men for new accounts, promotions, and pay, and of depriving women equal training and sales support.
The complaint also alleged Smith Barney used past performance, which plaintiffs called “the results of historical discrimination,” as a means to award business and pay.
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