Morgan Stanley's Global Wealth Management Group has announced it will pay at least $46 million to settle a class action filed by eight current and former female financial advisers and registered trainees. Under terms of the settlement announced yesterday, which is subject to the approval of the U.S. District Court in Washington, the New York-based firm will adopt new programs in such areas as account redistribution, training and management development designed to enhance the success of women financial advisers.

Also under the terms of the settlement, the firm will establish a process through which women financial advisers who believe they were historically disadvantaged because of their gender may submit monetary claims to a Special Master jointly appointed by the parties.

A $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.