Morgan Stanley is back in the news for all the wrong reasons once again. Aside from that $15m e-mail settlement announced last week, a couple of former staff filed suit against the firm in the US.
According to The New York Sun, Kathryn O'Hagan, a former broker at the firm, has filed a complaint in federal court in Manhattan, alleging that Morgan Stanley retaliated against her, in part, as she complained about rampant pornography in the workplace. Ms O'Hagan claims that on more than one occasion she return to her desk to discover po.n magazines placed there.
A Morgan Stanley spokesperson dismissed the suit, saying that the US Equal Employment Opportunity Commission 'completed a thorough investigation of this matter, and dismissed the plaintiff's related complaint, finding no cause to believe that (the firm) violated any laws'.
In the meantime, Irwin Mazur, a one-time manager of singer Billy Joel, has also filed suit against the firm. Mazur, 64, alleges that he was terminated after five years with Morgan Stanley because of his age. He claims that the firm was guilty of targeting financial advisers over 60 when it embarked on a workforce reduction programme. Mazur currently works for Oppenheimer Co.
Have something to tell us about this article?