WASHINGTON — A federal judge gave final approval Monday to a $31 million settlement by American Express Co. of an age and sex discrimination lawsuit, and 4,000 female financial advisers could receive compensation.
Four women who filed a complaint with the Equal Employment Opportunity Commission in October 1999 were later joined by 13 in what became a class action alleging they were unfairly denied promotions and pay. The women said the financial services giant created a "glass ceiling" for female financial advisers by giving lucrative accounts and steering leads on prospective clients to male advisers and by favoring men in training, mentoring, and promotion.
American Express denied the allegations and said it settled the suit to avoid expensive litigation.
