On this day in Labor History the year was 1997.
That was the day that a group of female employees at the investment firm Smith Barney came to a tentative agreement to settle a sexual harassment law suit against the firm.
Smith Barney was one of the oldest Wall Street firms, with a reputation for respectability.
But behind closed doors the firm more closely resembled what the Chicago Tribune described as a “fraternity-house atmosphere.”
The accounts women told of their treatment at the firm were lewd and disgusting.
In the basement of the Garden City, New York office there was a room called the “Boom, boom room,” where female employees were told to entertain clients.
Fed up with this treatment, more than 20 women joined together and filed a class-action law suit.
To settle the suit, the firm agreed to invest $15 million in diversity training, along with settlements to the harassed women.
But sexual harassment of women in the financial industry was not only a problem at Smith Barney.
Female brokers in Chicago filed a suit against Merrill Lynch, who agreed to a settlement with the plaintiffs.
Smith Barney also did not learn its lesson.
Just over a decade later, the firm again settled another sexual harassment law suit to the tune of 33 million.
This time according to Forbes Magazine, the suit was filed by “four female brokers who accused Smith Barney of preventing them from competing fairly for new accounts, promotions and pay, and depriving women of equal training and sales support.”
Over the course of fifteen years Merrill Lynch paid out almost half a billion dollars in discrimination suits to women and minority brokers.
February 14 - Kansas City Laundresses Walk Off the Job
February 13 - Martial Law Declared to Crush the UAW
February 12 - The NAACP is Founded
February 11 - Cutting Corners on Safety at Sequoyah I
February 10 - Forty-Three Workers Buried Alive
February 9 - Organizing Bloody Harlan
February 8 - Butte Copper Miners Join the 1919 Strike Wave
February 7 - Strike at Cripple Creek
February 6 - Philly Garment Workers Win!
February 5 - The Fight for Craft Governance
February 4 - Solidarity on the Coast
February 3 - Anti-Trust Injunctions Used Against Labor
February 2 - The Treaty of Guadalupe Hidalgo
February 1 - A Pivotal Moment in the Flint Sit-Down
January 31 - The Big Easy Fires 7000 Teachers
January 30 - Fred Korematsu Day
January 29 - Bread & Roses Striker, Anna LoPizzo, Shot Dead
January 28 - The 1917 Bath Riots
January 27 - Bans on Yellow Dog Contracts Ruled Unconstitutional
January 26 - Sid Hatfield Stands Trial
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