Bloomberg Law
Nov. 4, 2020, 9:37 PMUpdated: Nov. 5, 2020, 9:12 PM

JPMorgan Settles Long-Running Pay-Bias Suit With DOL (2)

Paige Smith
Paige Smith

JPMorgan Chase & Co. agreed to pay at least $800,000 in back wages and allocate $9 million over five years for compensation adjustments as part of a broad settlement with the U.S. Labor Department that resolves a long-running lawsuit accusing the financial giant of underpaying women.

The Labor Department’s Office of Federal Contract Compliance Programs originally sued JPMorgan in 2017, after it allegedly uncovered pay discrimination during a 2012 audit of the federal contractor. The agency’s original complaint involved a class of at least 93 women in “Investment Bank and Technology & Market Strategies” roles, but the settlement includes only ...