JP Morgan agrees to pay at least $800,000 in back wages to settle a lawsuit that accused the bank of underpaying at least 93 women

JP Morgan agrees to pay at least $800,000 in back wages to settle a lawsuit that accused the bank of underpaying at least 93 women
Summary List Placement JPMorgan Chase & Co. agreed to pay at least $800,000 in back wages as part of a settlement to a lawsuit that alleged the company underpaid women, Bloomberg Law reported.  The company also agreed to allocate $9 million over five years for compensation adjustments as part of the settlement.  The lawsuit from the US Department of Labor was initially brought forward in January 2017. It accused JP Morgan of paying women employees less than their male counterparts, USA Today reported.  JP Morgan was accused of underpaying 93 women who worked as lead application developers, project managers, and technology directors in the Investment Bank, Technology & Market Strategies unit less than men in the same positions since at least May 2012.  The lawsuit also alleged the company did not ensure there was a path to fair pay. The legal action follows many others in the pursuit of pay equity in the workplace, which is an ongoing struggle in the US. The US Census Bureau released new data in September showing that between 2018 and 2019, the gender pay gap persisted, with women making $0.82 of every dollar earned by a man. Read more: JPMorgan is looking to supercharge its wealth business. Here’s the latest on hiring plans, tech initiatives, and M&A strategy at the biggest US bank. Read the full memo JPMorgan CEO Jamie Dimon sent to employees asking them to have ‘patience and fortitude’ until final election results JPMorgan Chase announces $30 billion investment to promote racial equity in the US JPMorgan’s wealth boss Kristin Lemkau is eyeing plans to hire as many as 4,000 advisors as she lays out ambitious plans to catch up to the firm’s rivals Join the conversation about this story » NOW WATCH: Why babies can’t eat honey
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