Monday's Headlines: An inside peek into the $20 million MBA scholarship draft

Fortune details the selection process of the largest single MBA scholarship fund in the world, The Consortium for Graduate Study in Management, which this year awarded nearly $21 million in fellowships to 323 B-school applicants -- mostly underrepresented minorities. Since its founding in 1966, The Consortium has handed out over $225 million in scholarships to more than 6,000 MBA students.

This year the Consortium received 980 applications, about half of which were admitted to one of the 17 participating business schools. Of those who did not receive fellowships, 152 were offered membership in the Consortium, which serves as a networking hub for minority MBA students and alums. The article quotes the Consortium's head about the selection process: "It's a lot of art and only a little bit of science."

Other news:

Finance and insurance top the list of industries suffering from gender pay inequality, with women earning 62% of men. [24/7 Wall St.]

HSBC will close its Russian retail operations in the face of a market dominated by state-controlled giants. [WSJ]

BofA was dismissed from a mortgage-backed securities lawsuit against Countrywide. [Bloomberg]

JPMorgan Chase will settle its Lehman claims by returning $800 million in cash and securities. [DealBook]

Axa Equitable and Wilshire Associates offer fiduciary services to small and midsized retirement funds in the face of tougher Labor Department rules. [Investment News]

Firms are redefining "worker loyalty." [WSJ]

Morgan Stanley Smith Barney plans additional layoffs despite soaring 1Q profits and new-asset flows, following the recent firing of 243 wealth management employees. [Investment News]

Morgan Stanley Smith Barney advisers and brokers hold 34 out of the 100 in Barron's list of top financial advisers. [Barrons]