CoreStates in $1.5M Hiring Settlement

CoreStates Financial Corp. agreed Friday to pay $1.5 million to settle charges that it paid female and minority employees less than white males.

The Department of Labor charged CoreStates as part of a broad crackdown on employment practices by government contractors, including banks. More than $1.1 million will cover back pay for the workers involved, and $334,115 will go towards raises for 76 female and 66 black and Hispanic male employees.

Vikram Dewan, CoreStates' chief human resources officer, said the bank did not violate the law. He attributed the pay disparities to the 11 acquisitions the bank has made since 1990.

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