A former broker at Morgan Stanley has filed a class-action race-discrimination complaint against the company, accusing it of making “an end-run around the civil rights laws” with a new policy that bars employee participation in class actions and forces civil rights claims into private arbitration.
Kathy Frazier, who is currently a broker at UBS Financial Services in Honolulu, according to regulatory records, said in her complaint that African-Americans were underrepresented in the ranks of brokers at Morgan Stanley and were paid “substantially less” than their counterparts.
According to the complaint, she was “constructively discharged” in 2013 from her job as a broker at the company’s Honolulu branch, where she had worked since 2007.
