Once you see a lawsuit from civil rights lawyer Ben Crump, know he means enterprise. Morgan Stanley is now on the lawyer’s radar after racial discrimination and retaliation claims.
Crump’s regulation agency, Ben Crump Legislation, PLLC, introduced by way of Twitter that the agency had filed a lawsuit towards one of many world’s largest monetary service companies, Morgan Stanley & Co., on behalf of a consumer who claims to have skilled systematic racial discrimination and retaliation.
MEDIA ALERT: @AttorneyCrump, in partnership with Stowell & Friedman, this week filed a lawsuit on behalf of Anthony Fletcher towards Morgan Stanley & Co., one of many world’s largest monetary service companies, alleging a long-standing sample of systematic racial discrimination. pic.twitter.com/I8XDtceKQt
— Ben Crump Legislation, PLLC (@BenCrumpLaw) Could 4, 2023
Advisor Hub studies Anthony Fletcher, a former contracted recruit for the agency, was employed to hunt out “Black expertise,” primarily for administration roles, however solely employed 16 of over 200 “extremely certified numerous candidates.” The lawsuit claims the proprietor of My Future Consulting offered Morgan Stanley with candidates of all races, Morgan Stanley restricted Fletcher to ‘numerous’ hires and paid much less and basically was employed for decrease roles.”
The criticism claims Fletcher earned lower than his fellow recruiting colleagues and was denied entry to a candidate-tracking system supplied to different candidates. The agency additionally allegedly employed a few of his candidates “behind his again,” denying him commissions, and minimize his charge beneath the business normal—20% in comparison with 33.33%. He feels this occurred “all due to his race.”
Crump says this sample must be stopped. “The sample is obvious that Morgan Stanley has deep and extensive institutional bias towards Black folks,” his assertion learn. “We have now assumed compelling proof that Morgan Stanley is reluctant to rent Black staff; it doesn’t imagine folks need Black advisors, and it doesn’t assume Black folks have cash to take a position.”
Fletcher took issues up a notch by highlighting the corporate’s historical past of race bias allegations, together with a lawsuit settled with Marilyn Booker, its former chief range officer. Earlier than Booker, Morgan Stanley by no means employed a Black girl as a fancy supervisor, and fewer than 1% of their 16,000 brokers had been Black as of 2021.
The agency denies these allegations, with a spokesperson saying that is all resulting from a “charge dispute” with Fletcher. “We categorically reject the allegations of this criticism which is predicated on a charge dispute with an exterior recruiter whose contract was terminated,” the spokesperson wrote. “Morgan Stanley stays steadfast in our dedication to construct a workforce that’s inclusive and numerous.”
