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Vanguard Pays $330K for Discrimination

(CN) - Vanguard Group, investment managers, will pay $300,000 to settle an employment discrimination suit brought by the U.S. Equal Employment Opportunity Commission on behalf of a qualified black applicant.

The EEOC says Barbara Alexander was well qualified for the position of financial planning manager at Vanguard's Charlotte, N.C., office, but was rejected based on her race. Alexander had 14 years of financial management experience and held an MBA in finance, but Vanguard hired a less qualified white applicant.

In addition to the $300,000 for Alexander, the 2-year consent decree prohibits Vanguard from engaging in discrimination or retaliation, requires it to conduct anti-discrimination training and to post a notice about the settlement.

Vanguard did not admit liability.

The EEOC sued Vanguard in Philadelphia Federal Court.

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