Tuesday, September 2, 2014

Morgan Stanley employee Dabotubo Horsfall sues firm – racism

March 18, 2013 by  
Filed under Business, News

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NEW YORK — Morgan Stanley, the powerful Wall Street investment bank, has been sued by an African-American employee who contends that the firm paid him less than his peers and refused to give him recognition for his work on prominent deals because of his race, New York Magazine’s Daily Intelligence reports.

Morgan Stanley racism investment banking HorsfallDabotubo Horsfall, a vice-president in Morgan Stanley’s investment management infrastructure fund, sued the bank and seven of its senior managers, accusing them of subjecting him to “blatant discriminatory treatment on account of his race.” The lawsuit was filed in New York Supreme Court on February 11, but went unnoticed outside the bank for more than a month.

Horsfall, 34, who has worked in Morgan Stanley’s New York headquarters since August 2010, alleges in the suit that he was deprived of compensation and other benefits given to similarly-situated employees at the firm. Horsfall claims that he “consistently met all of his goals” and “diligently performed all of his work” at the firm, but was “discriminatorily undermined” by his supervisors despite his performance. He is seeking unspecified damages.

A Morgan Stanley spokesman, Matt Burkhard, said in a statement, “Morgan Stanley does not tolerate discrimination based on race or any other factor. We do not comment on pending litigation.”

Horsfall’s complaint alleges that in November 2011, his boss left the division, and he was put under the supervision of two managers, John Watt and Thomas Gray, who proceeded to discriminate against him based on his race. Horsfall claims to have helped close a deal involving the sale of a Chilean electric distribution company that made Morgan Stanley more than $150 million in profit, but was “never properly acknowledged nor was he properly compensated for his work on this complex transaction” by Watt and Gray. Furthermore, Horsfall alleges he was not given a year-end written evaluation that year, and was not given any credit for his involvement in the Chilean deal during a face-to-face review with Watt. more

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