Racial discrimination in hiring and employment practices continued at investment bank Morgan Stanley (MS) despite a class-action settlement more than a decade ago, according to a new lawsuit filed Thursday by a former employee.
In a federal court complaint, John Lockette, an African-American former wealth manager, alleged that he received negative performance reviews, was denied raises and given derisive nicknames, and was ultimately fired from Morgan Stanley in August 2016 as a result of his calling attention to the company’s racial biases, Reuters reports.
In 2007, the bank had agreed to a $16 million settlement over accusations that branch managers showed white brokers preferential treatment, depriving black and Latino brokers of new clients and the opportunity to earn commissions and promotions.
But the lawsuit “utterly failed” to reform the culture inside the company, Lockette alleges, where a “campaign of harassment” against minorities persisted, Bloomberg reports. Minorities at Morgan Stanley still face “a lack of support, undue criticism, and a lack of trust and sincere belief in their capacity to contribute or lead,” at the finance firm, Lockette’s lawyer said.
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Morgan Stanley denied the allegations. A spokesperson told Reuters that the company “is strongly committed to nondiscrimination, and looks forward to addressing this former employee’s claims on the merits.”
