Sex Discrimination | Gender Class Action Lawsuit Against Smith Barney - scales of justice image
Sex Discrimination | Gender Class Action Lawsuit Against Smith Barney - site logo
On March 31, 2005, four female financial consultants filed a national class action lawsuit against Smith Barney, the retail brokerage arm of Citigroup, charging that the brokerage house discriminates against women in violation of federal and state civil rights and labor laws.



Gender Discrimination Lawsuit Against Smith Barney

We are pleased to announce that on August 13, 2008, U.S. District Court Judge Phyllis Hamilton granted final approval to a settlement of the gender discrimination case against Smith Barney, Amochaev, et al. v. Citigroup Global Markets, Inc. d/b/a Smith Barney, Case No. C- 05-1298 PJH. The Court found the settlement to be fair, adequate and reasonable, and acknowledged the substantial injunctive relief that is required by the settlement agreement. To read a copy of the Court's order, click here.

Plaintiffs alleged that Smith Barney discriminated against female Financial Advisors in compensation and business opportunities. The Court has approved a four-year settlement agreement that provides for comprehensive injunctive relief and significant monetary relief for the following Settlement Class:

  • All women employed as Financial Advisors in (i) the United States branches of Smith Barney's retail brokerage division at any time from August 30, 2003 through March 1, 2008 or (ii) the California branches of Smith Barney's retail brokerage division at any time from June 25, 2003 through March 1, 2008.

The settlement includes comprehensive injunctive relief regarding account distributions, partnership arrangements, branch manager promotions, retention, diversity training, and complaint processing, among other things. The settlement also provides that an independent Diversity Monitor and an independent Industrial Psychologist will be appointed to effectuate the terms of the Agreement.

In addition, the settlement establishes a significant class monetary settlement fund of $33 million plus interest now earning on the fund. We believe this is an excellent resolution of the case for Plaintiffs.

The deadline to submit claim forms has passed. Notice of the Settlement setting forth your rights and options under the settlement was mailed to Class Members on May 20, 2008, and the claim submission deadline was September 17, 2008. To read a copy of the Notice, click here. To read a copy of the Claim Form, click here.

The Claims Administrator is responsible for processing the Claim Forms and allocating individual class members' settlement payments in accordance with the Plan of Allocation approved by the Court. We anticipate that Notices of Award and Class Member Releases will be sent out to eligible class members toward the end of July 2009. Once individual class members sign and return the Class Member Release that will accompany the Notice of Award, checks will be sent to those class members. We expect that this distribution will take place in mid-August of 2009. Please keep the Claims Administrator apprised of any changes in your mailing and contact information. The Claims Administrator can be reached at 1-866-626-9206.

Lieff Cabraser Heimann & Bernstein, LLP
(866) 313-1973
(615) 313-9000
Beth Alexander

Mehri & Skalet, PLLC
(202) 822-5100
Anna Pohl

Outten & Golden LLP
(212) 245-1000
Piper Hoffman
1-877-468-8836 (toll-free)

Please feel free to contact any of us at the above telephone numbers.