Morgan Stanley’s Global Wealth Management Group announced it has settled a gender class action lawsuit involving current and former women financial advisors and registered trainees.

Under terms of the settlement, which is subject to the approval of the U.S. District Court in Washington, D.C., the division will adopt new programs in such areas as account redistribution, training and management development designed to enhance the success of women financial advisors.

In addition, the settlement establishes a process through which women financial advisors who believe they were historically disadvantaged because of their gender may submit monetary claims to a Special Master jointly appointed by the parties. A US$46 million pool has been established to pay such claims and related costs.

“We are firmly committed to the initiatives we will be undertaking to attract and retain women financial advisors and help them be as successful as possible, and pleased to resolve a legal matter stemming from the past. Our goal – across the organization — is to be the employer-of-choice for talented women,” said Caroline Gundeck, head of the GWMG Office of Diversity.

With US$690 billion in client assets, Morgan Stanley wealth management group is one of the world’s largest. It provides a range of wealth management products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, banking and cash management, annuities and insurance, retirement and trust.