Morgan Stanley has been targeted with a suit from an African-American financial adviser, Kathy Frazier, who accuses the bank of racial discrimination, as well as making changes last month to its internal arbitration policy to prohibit employees from publicly challenging unfair practises. The lawsuit was filed in federal court on Friday by Frazier’s firm, which is based in New York and represents clients including Bank of America, Citigroup Inc (C, Fortune 500) and Wells Fargo &
Morgan Stanley has been targeted with a suit from an African-American financial adviser, Kathy Frazier, who accuses the bank of racial discrimination, as well as making changes last month to its internal arbitration policy to prohibit employees from publicly challenging unfair practises. The law firm that is representing Ms Frazier also successfully represented a Bank of America Merrill Lynch adviser in a similar case in 2013, that resulted in a $160m settlement with Merrill Lynch.