51° CLOUDY, Citigroup settles gender discrimination suit
Last Modified: Thursday, April 3, 2008 at 1:12 p.m.
Citigroup, Inc. will pay $33 million to settle a lawsuit filed by female brokers in Santa Rosa who charged its Smith Barney unit denied equal opportunities for women.
As many as 2,500 current and former Smith Barney female brokers can share in the settlement, filed Wednesday in U.S. District Court in San Francisco.
Under the settlement, Citigroup also agreed to change policies for distributing accounts, bonuses, partnerships, leads and other workplace management areas.
Three female financial consultants who worked in the Santa Rosa office of Smith Barney filed a class-action lawsuit against the brokerage house in 2005. They were joined by a fourth woman from the company’s Walnut Creek office.
The women alleged branch managers steered clients to male brokers, reducing the potential earnings of female employees. They also claimed that they received less sales support than male colleagues, less desirable offices and less training.
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