Renee Fassbender Amochaev, Deborah Orlando, Kathryn N. Varner, Ivy So, on behalf of themselves and all others similarly situated v. Citigroup Global Markets Inc. dba Smith Barney
Published: Sep. 20, 2008 | Result Date: Aug. 13, 2008 | Filing Date: Jan. 1, 1900 |Case number: C-05-1298 PJH Settlement – $33,000,000
Court
USDC Northern
Attorneys
Plaintiff
Justin M. Swartz
(Outten & Golden LLP)
James M. Finberg
(Altshuler Berzon LLP)
Kelly M. Dermody
(Lieff, Cabraser, Heimann & Bernstein LLP)
Cyrus Mehri
(Mehri & Skalet PLLC)
Defendant
Daniel J. Toal
(Paul, Weiss, Rifkind, Wharton & Garrison LLP)
Malcolm A. Heinicke
(Munger, Tolles & Olson LLP)
Facts
Female financial advisors working for Citigroup Global Markets, Inc. dba Smith Barney alleged that the company discriminated against them based upon their gender.
Contentions
PLAINTIFFS' CONTENTIONS:
Plaintiffs contended that Smith Barney deprived them of full compensation and bypassed them as candidates for various business opportunities.
Result
On Aug. 13, 2008, the federal court approved a settlement in excess of $33 million. Women employed as financial advisors in Smith Barney's U.S. retail brokerage divisions any time beginning from Aug. 30, 2003 through March 1, 2008 or California retail brokerage divisions any time beginning from June 25, 2003 through March 1, 2008 will receive financial compensation. The parties entered into a four-year agreement, which includes injunctive relief affecting compensation, distribution of account policies, manager promotions, partnership formations, retention, diversity training policies, complaint management, among others. The settlement also creates a class monetary fund of $33 million, plus interest starting on Dec. 15, 2007.
Other Information
More than 1,400 class members filed claim forms.
For reprint rights or to order a copy of your photo:
Email
jeremy@reprintpros.com
for prices.
Direct dial: 949-702-5390