Vanguard Settles Racial Discrimination Case for $300K

January 6, 2009 ( Vanguard Group has agreed to pay $300,000 in damages as part of a settlement of a racial discrimination lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC).

An EEOC news release said the suit had accused the suburban Philadelphia investment company of not hiring an African-American woman for a financial planning manager job at its Charlotte, North Carolina, facility because of her race(see EEOC Sues Vanguard for Racial Discrimination). The EEOC alleged Vanguard hired a less qualified white applicant even though Barbara Alexander had 14 years of financial management experience and had an MBA degree in finance.

According to the announcement, Vanguard, while not admitting fault, also agreed to take a number of other steps including instituting anti-discrimination training.

“The additional training for company managers and supervisors provided by the consent decree should benefit all employees at the company’s Malvern facility,” said Acting Regional Attorney Debra Lawrence of the EEOC’s Philadelphia District Office,  in the news release.