Major Bank Fires Exec for Diversity Quota? Bombshell Lawsuit Reveals All

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Major Bank Fires Exec for Diversity Quota? Bombshell Lawsuit Reveals All

Clear Facts: Former Morgan Stanley executive Kevin Meyersburg alleges he was dismissed to meet the firm’s diversity goals, despite his significant achievements. The lawsuit points out that Morgan Stanley made the decision based on its Diversity and Inclusion objectives, not Meyersburg’s...

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Major Bank Fires Exec for Diversity Quota? Bombshell Lawsuit Reveals All​

Published
1 week ago
on
September 8, 2023


By
Christian Ramirez

staff dismissal employee fired 6779620

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Clear Facts:​

• Former Morgan Stanley executive Kevin Meyersburg alleges he was dismissed to meet the firm’s diversity goals, despite his significant achievements.
• The lawsuit points out that Morgan Stanley made the decision based on its Diversity and Inclusion objectives, not Meyersburg’s performance.
• Legal challenges against corporate “diversity, equity, and inclusion” programs have been on the rise, with critics alleging discrimination.

Kevin Meyersburg, a former managing director and head of executive services at Morgan Stanley, has filed a lawsuit against the banking giant, alleging that he was unjustly terminated as part of the company’s attempt to fulfill its diversity objectives.
The lawsuit asserts that Meyersburg was replaced with a black female, despite having an “impressive list of achievements” and no work deficiencies pointed out by the company.

Meyersburg alleges his superior, Brian McDonald, Head of Morgan Stanley at Work, told him his dismissal was “not based on his performance,” further adding that he “could not explain to Meyersburg why the decision had been made.” The lawsuit claims:
“Morgan Stanley did not point to any deficiency in Meyersburg’s work performance or otherwise in justifying his termination and replacement.
Instead, Morgan Stanley’s decision to terminate Meyersburg, a White male, and replace him with a Black female was the result of the Firm’s attempt to comply with its Diversity and Inclusion objectives.”
According to the lawsuit, under Meyersburg’s leadership, the firm’s Executive Services team witnessed remarkable growth, expanding from fifty to 330 employees and tripling its budget size.
The team played a significant role in generating profits for Morgan Stanley, especially during times when other divisions faced profitability challenges.
Meyersburg’s accusations shed light on the broader debates and legal challenges against “diversity, equity, and inclusion” programs across corporations.
Such initiatives, when perceived as discriminatory, have faced legal opposition. For instance, in August, the American Alliance for Equal Rights (AAER) sued two major law firms, alleging their diversity fellowships contravened the Civil Rights Act of 1866.

In a similar vein, America First Legal (AFL) lodged a complaint in June 2022, alleging that Morgan Stanley’s “Freshman Enhancement Program” breaches Civil Rights laws.
Commenting on the case, Louis Pechman, Meyerburg’s attorney, stated to The Washington Post, “This is an example of DEI run amok.”
Morgan Stanley has yet to comment on the lawsuit.