$33 Million Settlement in Citigroup Gender Suit
Citigroup has agreed to pay $33 million to approximately 2,500 female brokers to settle a gender discrimination suit.
The plaintiffs accused Citigroup of discriminating against women in training, support, account assignment, promotions and pay.
In addition to the payout, Citigroup agreed to implement sweeping changes to its HR policies and practices to prevent future discrimination. The changes will be overseen by an industrial psychologist and a diversity expert.
“I feel like we have leveled the playing field for the women who remain at Smith Barney and the women who may come into this industry in the future,” said plaintiff Renee Fassbender-Amochaev.
“We’re pleased to have this matter moving toward final resolution,” a Citigroup spokesperson said.
The court will decide whether to approve the settlement at a hearing set for April 30.