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.
April 18 - We Have Fed You All A thousand Years
April 17 - Fatal Explosion in West, Texas
April 16 - Jacob Coxey is Born
April 15 - Telephone Girls Cripple New England Bell
April 14 - A Job or Be Sterilized
April 13 - The Colfax Massacre
April 12 - The Wagner Act Stands
April 11 - Fed Up Transit Workers Walk Out
April 10 - Explosion at Eddystone
April 9 - Lee Surrenders to Grant
April 8 - John L. Lewis Takes on Henry Ford
April 7 - Flora Tristan is Born
April 6 - Rose Schneiderman is Born
April 5 - Massey Mine Explodes, pt. 2
April 4 - Massey Mine Explodes, pt. 1
April 3 - Lincoln Freed the Slaves, Ford Brought Them Back
April 2 - Trouble in the Sweetest Place on Earth
April 1 - The Promise of 1946
March 31 - Hospital Workers Stand United
March 30 - 15th Amendment Adopted
Create your
podcast in
minutes
It is Free
In the Great Khan’s Tent
Visualize Meditations
The No-Frills Teacher Podcast
The Jordan B. Peterson Podcast
The Mel Robbins Podcast