Morgan Stanley Sued for Age Discrimination

A 56-year-old former managing director is suing Morgan Stanley, charging the firm fired him because of his age. Edward Sullivan, who earned as much as $1 million annually for his work at the firm's retail division, claims two human resources executives created a "poison-pen critique" of his performance as a way to justify discharging him after a 24-year career.

Morgan Stanley denies the charges and says Sullivan's job was eliminated as part of a "legitimate" reorganization. According to Reuters, Sullivan was one of six regional directors who lost their titles when the bank's global wealth management unit streamlined its management structure last year. He was dismissed in May.

Sullivan is seeking $30 million in damages and reinstatement to his old job.

In June, Morgan Stanley faced claims it discriminated against women when a lawsuit alleged executives assigned the most lucrative brokerage accounts and leads to male brokers and discriminated against women in training, mentoring, partnership assignments and allocating promotions. In 2004, Morgan Stanley paid some $54 million to settle charges it denied women pay raises and promotions, paid them less than men, excluded them from company events and subjected them to lewd behavior.