Stephanie Villalba, former head of Merrill Lynch’s European private banking group who had filed a $13 million sex discrimination suit against the firm, lost, and then appealled, has also lost the appeal. Adding insult to injury, she’s left with a meager £61,000 settlement and legal expenses of more than $1 million. Ouch!
Stephanie Villalba, 44, brought a then-record 7.5 million- pound ($13 million) legal action after she was fired from her job as head of Merrill’s European private banking unit, claiming she was bullied by her boss and unfairly compensated. An industrial tribunal in London dismissed most of her case in December 2004.
An employment appeals board today rejected Villalba’s claim that the tribunal didn’t properly weigh the extent to which she was allegedly victimized at the bank, calling the decision “exemplary.” It also rejected her argument that Merrill had to justify why she was paid less than male colleagues, even if she wasn’t discriminated against.
“We do not accept that they misdirected themselves in law nor did they reach an irrational or unjustified conclusion,” the Employment Appeals Tribunal said in a 50-page ruling.
The decision leaves Villalba, who left Merrill in June 2003, with just 61,000 pounds in compensation from the case, less than 1 percent of the amount sought, and a legal bill of more than $1 million. She was awarded those damages after succeeding at the industrial tribunal level on her claims that she was unfairly dismissed by the firm and victimized by some e-mails…..
“Stephanie Villalba lost her sex discrimination case,” Merrill said in a statement. “She lost her claim for costs. She has now lost her appeal on points of law relating to victimization and unequal pay. It is time for both of us to move on.” Merrill has always maintained that Villalba was treated fairly and was dismissed because of job performance concerns.
Today’s ruling may also affect equal pay claims brought by other women after prior conflicting decisions on the objective justification of pay differences.
Ex-Merrill Executive Villalba Loses Sex Bias Appeal – Bloomberg
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Tags: Merrill Lynch
