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.
September 26 - Disaster on the Job Around the Globe
September 25 - Martyred for the Vote
September 24 - Banned in Canada
September 23 - Dr. Harriet Louise Hardy is Born
September 22 - The First Farm Aid
September 21 - Fighting Just to Maintain Standards
September 20 - The Fight for Equality
September 19 - The End of My Sweet Jennie
September 18 - The Atlanta Compromise
September 17 - Striking in the South
September 16 - NHL Managers Lock Out Players
September 15 - The Invergordon Mutiny
September 14 - The Murder of Ella Mae Wiggins
September 13 - Attica!
September 12 - The Making of a National Treasure
September 11 - The Christiana Riot
September 10 - Minneapolis Printers Organize
September 9 - The Hanapepe Massacre
September 8 - Defying Nazi Occupation
September 7 - The Federal Employees Compensation Act
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