Thursday, August 14, 2008
The San Francisco chronicle reports that the District Court for the Northern District of California approved a settlement agreement today between Smith Barney, and a class of more than 2400 current and former female brokers. The brokers had alleged that the firm favored men in pay, promotions and client assignments. The client assignments resulted in hundreds of thousands of dollars in commissions for the men assigned to those clients. It sounds (based on my rough math $33 million divided by 2400 is something less than $14000) like Smith Barney got a good deal in the settlement (assuming the named plaintiffs had enough evidence to prevail).