Pay and Promotion Equity of Women on Wall Street: Does Litigation Help?

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On September 6, court papers announced that Bank of America had agreed to pay $39 million to settle Calibuso v. Bank of America Corp., a nationwide gender discrimination class action on behalf of female stockbrokers.  No. 10 Civ. 1413, Docket No. 1 (E.D.N.Y. filed Mar. 30, 2010).  In the lawsuit, filed in 2010, the plaintiffs alleged that the bank paid them less than male stockbrokers and gave them fewer opportunities to build their books of business.  While the settlement is a great “win” for the plaintiffs, it raises an important question:  do lawsuits really help remove barriers to women getting ahead on Wall Street?