October 5, 2017 / 10:13 PM / 9 months ago

State Street to pay $5 mln to settle Labor Dept pay-bias allegations

State Street Corp has agreed to pay $5 million to settle U.S. Labor Department allegations that the bank underpaid its female and black executives compared to male and white employees in the same positions.

The department’s Office of Federal Contract Compliance Programs said in a settlement agreement made public on Wednesday that it found gender- and race-based pay disparities after analyzing compensation data from the company’s Boston headquarters. The agency began State Street’s compliance review in 2012 and told the bank of its findings in March, according to the agreement.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2y3dvb0

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