On this day in Labor History the year was 1997.
That was the day that a group of female employees at the investment firm Smith Barney came to a tentative agreement to settle a sexual harassment law suit against the firm.
Smith Barney was one of the oldest Wall Street firms, with a reputation for respectability.
But behind closed doors the firm more closely resembled what the Chicago Tribune described as a “fraternity-house atmosphere.”
The accounts women told of their treatment at the firm were lewd and disgusting.
In the basement of the Garden City, New York office there was a room called the “Boom, boom room,” where female employees were told to entertain clients.
Fed up with this treatment, more than 20 women joined together and filed a class-action law suit.
To settle the suit, the firm agreed to invest $15 million in diversity training, along with settlements to the harassed women.
But sexual harassment of women in the financial industry was not only a problem at Smith Barney.
Female brokers in Chicago filed a suit against Merrill Lynch, who agreed to a settlement with the plaintiffs.
Smith Barney also did not learn its lesson.
Just over a decade later, the firm again settled another sexual harassment law suit to the tune of 33 million.
This time according to Forbes Magazine, the suit was filed by “four female brokers who accused Smith Barney of preventing them from competing fairly for new accounts, promotions and pay, and depriving women of equal training and sales support.”
Over the course of fifteen years Merrill Lynch paid out almost half a billion dollars in discrimination suits to women and minority brokers.
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January 24 - Arturo Alfonso Schomburg is Born
January 23 - If Poison Doesn’t Work, Try Briggs!
January 22 - Tragedy in the Mines & in the Union Hall
January 21 - On Strike for Health & Dignity
January 20 - The Flint Womens Emergency Brigades
January 19 - A Snapshot in Misery
January 18 - Is Colorado in America?
January 17 - Standing Against Wage Theft
January 15 - We Want to Live, Not Just Exist
January 14 - The Rise of the Bellamyites
January 13 - Johnny Cash Plays Folsom Prison
January 12 - The Cost of Wartime Industrial Peace
January 11 - Battle of the Running Bulls
January 10 - The Rise of Settlement Houses
January 9 - Courts Stand Against Workers
January 8 - Oil Workers Walk Out Across the Country
January 7 - Tragic Youngstown Massacre
January 6 - Remembering Ida Tarbell
January 5 - Ohio First to Enact Black Laws
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