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April 05, 2008

Citigroup to pay $33 million to settle sex discrimination lawsuit

Yesterday, Citigroup agreed a $33 million to settle a sex discrimination lawsuit launched by a group of female brokers:

Citigroup Inc. has agreed to pay $33 million to about 2,500 current and former female brokers at the company's Smith Barney subsidiary to settle a discrimination lawsuit.

A federal judge in San Francisco still has to approve the proposed settlement of a lawsuit filed by four women in 2005 that accuses company managers of doling out clients disproportionately to male brokers.

Citigroup also agreed to change the way it awards bonuses and partnerships and alter how accounts are assigned, according to court documents. [AP]


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This settlement from Citigroup seems to me to be paltry. The average payout would be $13,200. If attorney fees and expenses are included then the average payout may be about $7,500. This sounds like noise level settling by Citigroup. Perhaps the women did not have much of a case. Maybe the attorneys want to cash out early. It doesn't make that much sense to me.

This is what I am talking about. We need to think of our daughters and their daughters. For every female that you have ever loved!! Think of every female that got knocked out of countless numbers of clients and money to feed their family!! Why!! They were born female!!S
Stop 60's discrimination now.
Please help and sign:

To me, it's the principle of the thing: Citigroup admitted that it discriminated against 2500 brokers. It doesn't surprise me that they'd nickel and dime their current and former employees.

Citigroup admitted that it discriminated against 2500 brokers.

eaching a settlment in a lawsuit charging discrimination does not necessarily mean that Citigroup admitted that it had discriminated. Is there some information that indicates that Citigroup did make such an admission, or is that the inference you draw from their agreement to make payments and policy changes to settle the suit?

I don't think I want to work for Citigroup.

Yes, there is the principle of the thing. While $31 million is a small sum to Citigroup, it does set a precedent. I can only hope this encourages other Wall Street firms to end any similar practices.

I was nurtured and raised almost exclusively by women. Perhaps that's why I find the Citigroup story so disheartening. More disturbing still are the continuing reports of the sexual abuse of women by their US Military and/or KBR comrades. That the majority of their assailants evade charges is a profound injustice.

A by-product of Barack Obama and Hillary Clinton's candidacies has been to force us as a people to take a closer look at our nation's racism and sexism. That is a good thing. Obama's front-runner status, a collective sense of guilt and the MSM have all ensured that racism would get the most play.

We should be able to tackle both issues concurrently. For we still have so much work left to do.


Andrew Sullivan Is A Fraud

This article made me aware of the happenings around.

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