'We decided that an extortionate settlement would have insulted our people and our culture'.
A former Jefferies Group saleswoman has dropped her $5.4m sexual discrimination suit against the investment bank halfway through a trial that included allegations of a male-dominated work culture that drove her to quit.
The investment bank had endured a week of salacious allegations accusing it of fostering a 'culture of discrimination'.
Richard Handler, CEO of Jefferies and its parent company Leucadia National Corp., said that the 'meritless' lawsuit was an affront to everyone who works at the investment bank.
'We could have quietly settled this case and avoided the bad publicity caused by salacious but baseless allegations', Handler said in a statement. We decided that an extortionate settlement would have insulted our people and our culture. The truth will not garner the same publicity, but it has prevailed'.
To access the complete Bloomberg News article hit the link below: