Ex-Morgan Stanley Advisor Sues Over Alleged Race Bias

Editorial Staff

6 February 2018

A former wealth manager has sued the firm, claiming he was terminated following a "campaign of harassment," even after the settlement a decade ago of a class-action discrimination lawsuit, according to a report by Bloomberg.

The report said the lawsuit was filed in federal court in New York by John Lockette, an African-American man from New Jersey who worked at Morgan Stanley as an assistant vice president in its wealth management division in 2013 until he was fired in August 2016. Lockette says the reforms obtained by the settlements of class-action suits have "utterly failed" and that the company’s discriminatory policies and practices continue.

"Morgan Stanley has no genuine intent to reform, to provide equal opportunities to African-Americans, or to abide by the spirit of its agreement" to settle the racial discrimination claims, Lockette reportedly said.

Asked by Family Wealth Report about the matter, Morgan Stanley said in an emailed statement: ““Morgan Stanley denies the allegations in the complaint. The firm is strongly committed to non-discrimination, and looks forward to addressing this former employee’s claims on the merits.”