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Wall Street’s #MeToo movement victims get a 2nd chance for justice
Sexual harassment and assault are particularly worrisome for female workers on Wall Street because of the nature of the work: including the long hours, the constant travel, the pyramid-like structure, where there are plenty of junior women, but fewer and fewer as you approach the pinnacle.
Many believe that Wall Street finance has had just as many cases of sexual abuse and assault as other Wall Street industries–maybe more.
Wall Street is a male-dominated environment and the few women who manage to enter it and climb its ranks, often become the targets of the men who work there.
There are still so few women on Wall Street that this disproportioned group effectively has no public voice–however, the broader #MeToo moment is strengthening an “underground” movement in which women who work on Wall Street want to help one another.
CEOs of big companies, particularly major, publicly-traded corporations are one group of power players that have been largely absent from the list of men that have been accused of so-called sexual misconduct — behavior that ranges from harassing female coworkers and subordinates to rape.
Some of the largest judgments in the Wall Street’s #MeToo Moment of the 1990s and 2000s against well-known, publicly-traded corporations include:
- $54 million against Morgan Stanley;
- $150 million against Smith Barney; and,
- $250 million against Merrill Lynch.
At firm after firm, women were met with a corporate culture that tolerated cruel or brutal harassment, offering protection to abusive rainmakers.
Some of the most serious accusations from female executives include:
- Alleged pay, promotion, and pregnancy discrimination;
- Hostile work environments;
- Rampant sexual harassment;
- And even rape.
Wall Street has had plenty of time to make gender discrimination complaints disappear into an opaque arbitration system where the names of violators rarely appear and legal precedent isn’t strictly binding–where victims were long ago ordered into private arbitration or gagged by nondisclosure agreements.
How the Adult Survivor Act is giving those women a second chance at justice
Adult abuse survivors will be able to sue their assailants for decades-old attacks under bipartisan legislation signed into law.
The State Assembly overwhelmingly passed the Adult Survivors Act–this bill enables adult victims that were 18 or older at the time of the alleged abuse a one-time opportunity to file civil lawsuits in New York–even if any statutes of limitations have run out.
The bill mirrors New York’s Child Victims Act and gives adult survivors a one-year window to file suit.
The purposes behind the creation of the Adult Survivor’s Act include:
- The measure is described as an act of “restorative justice;”
- It allows victims some level of accountability and recompense; and,
- It deters individuals and institutions from turning a blind eye to the future.
According to Gov. Kathy Hochul, “To those who thought they got away with a perfect crime, I say to you: Your time is up. Your victims will see you in court.”
In 2019, state lawmakers lengthened the statutes of limitations for many offenses–however, those changes did not apply retroactively, which made the Adult Survivors Act bill necessary.
The Shield Justice Watch team is urging female survivors of sexual assault on Wall Street–especially employees in the 1980s and 1990s–to come forward and get a free, private case evaluation for justice and compensation!
Our network of attorneys are ready to support you.
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Answer a brief, private online questionnaire that asks for key details of the experience
Have the case evaluated by a legal team free of charge without any obligation to file
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Depending on the circumstances, the case could be filed for potential compensation
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