Morgan Stanley Settles with Former Analyst
N E W Y O R K, Sept. 15 -- Morgan Stanley Dean Witter & Co., one of Wall Street’s premier investment banks, and former employee Christian Curry said today they settled a legal battle characterized by racial and sexualovertones.
Curry, who is black, was fired in April 1998 for allegedly abusing his corporate expense account. His nude appearance in a gay magazine was at the center of the controversy. Curry filed a $1.35 billion lawsuit against Morgan Stanley and claimed he suffered racial discrimination while working at the firm.
Morgan Stanley, which was chastised in July by Manhattan District Attorney Robert Morgenthau for having paid $10,000 to an informant involved in a sting operation against Curry, said it will drop its claims against Curry inlight of his decision to discontinue the lawsuit.
“This has been emotionally draining for my family, my fiance and me, and to continue would be detrimental to all,” Curry said in a statement. “While I will receive no payment, I am pleased with the result.”
Both Morgan Stanley and Curry’s attorney, Benedict Morelli, said there was no discrimination or misconduct against Curry by the bank. Morgan Stanley will donate $1 million to the National Urban League, a charitableorganization dedicated to advancing the interests of minorities, in connection with the settlement.
The case led to the resignation in June 1999 of two of Morgan Stanley’s top lawyers, after it emerged that they had authorized a $10,000 payment to apolice informant who told authorities Curry planned to plant phony racist messages in the firm’s e-mail system to support his suit.
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