Law360, San Francisco (October 1, 2015, 4:02 PM EDT) -- Morgan Stanley & Co. LLC was hit with a new proposed class action in California federal court on Wednesday accusing it of discriminating against its African-American financial advisers and depriving them of lucrative opportunities — even after multiple settlements aimed at improving Morgan Stanley's diversity.Former financial adviser Kathy Frazier, also a former class member in a race bias suit that Morgan Stanley settled for $16 million and a sex bias suit that the company settled for $46 million, claims that the company hasn't complied with the reforms it promised in those deals. Frazier says that she received no benefit from the... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
the bank of racial discrimination has been targeted with a suit from an African-American financial adviser, Kathy Frazier, who accuses Morgan Stanley, 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.