JPMorgan has agreed to spend $24 million to settle a lawsuit from six black employees who alleged that there was systemic racism within the organization. Of the $24 million the company will pay, $4.5 million will go toward anti-bias training for employees in Tennessee and other states. The other $19.5 million is going to be split among 250 employees who either are or were associated with the company.
The plaintiffs said in their lawsuit that they were given less lucrative assignments and faced other employment difficulties because of the color of their skin. An attorney for the plaintiffs said that they were happy with the result and that the organization was willing to work with them to find a solution. JPMorgan's CEO has said in the past that the company would do more to find and retain black employees.
While JPMorgan was the defendant in this case, Wall Street as a whole has long had a problem with its lack of diversity. Wells Fargo paid $35.5 million to settle a 2016 case involving black advisers while Merrill Lynch has announced a plan to pay $160 million to settle a case from 2013. As a result of its settlement, JPMorgan does not admit to any wrongdoing or acknowledge any liability for alleged previous actions.
Workplace policies that have a disparate impact toward employees may be a violation of employment law. An attorney may be able to help a worker pursue legal relief for any problems caused by that violation. Workers may be entitled to compensation for harassment or discrimination that may have led to a lack of opportunities to develop. A lawsuit may also result in a company adopting new training or development policies to help all employees succeed.