Amerprise Financial in $128K Settlement With DOL For Underpaying Black Account Processors

Most attention is paid to women and men receiving unequal pay, but here’s a case where the differences in pay were due to race.

The U.S. Department of Labor announced today that Ameriprise Financial, one of the country’s leading financial companies, will pay $128,200 in back wages and interest to 20 black employees in unlicensed service professional positions, after an OFCCP compliance review found the company violated Executive Order 11246 by paying black employees who processed routine account service requests less than their similarly situated white counterparts.

The Office of Federal Contracts Compliance Programs conducts review of federal contractor operations.

At the time of the compliance evaluation, the company under review was known as Ameriprise Bank, FSB, which subsequently reorganized as Ameriprise National Trust Bank and is now known as Ameriprise Financial, Inc. With a nationwide network of 10,000 financial advisors, the company currently offers asset management, advisory and insurance services. The client service delivery unit provides services and transaction processing for advisors and clients. Ameriprise Financial, Inc. is based in Minneapolis.

The agency invited other possible victims of this pay discrimination to come forward and join the class. The invitation went out to class members who worked in an unlicensed service professional position between Feb. 19, 2013 and Feb. 18, 2014 at Ameriprise Financial, Inc. reporting to Minneapolis.

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