Female Executive Accuses Bank of America of Misleading Trading Clients, Including Citigroup and Blackstone

Megan Messina is suing Bank of America (BAC). She is a managing director at the bank’s structured credit products division. In her lawsuit, Messina claims that the bank tried to get rid of her when she questioned the way some clients were treated and complained about the sexism she allegedly experienced. She also contends that clients such as Citigroup (C) and Blackstone Group LP (BX) were misled by her employer.

According to Bloomberg, in her complaint, Messina provides examples of alleged misconduct at the bank, including coworkers front-running trades made by clients, such as Citigroup, while keeping information from other clients, such as Blackstone. Messina claims that Bank of America apologized to client Anchorage Capital Group after the bank purposely provided the firm with false information. Bank of America also purportedly apologized to Pimco for “doctoring” trading records.

Messina claims that Bank of America underpaid her by over $8M while she worked for the bank. She said that she experienced gender discrimination that caused her to be left out of emails, meetings, and other gatherings. She said that her boss met more times with the man with whom she shared co-head duties than with her. Messina also claimed that even though she outperformed this co-head, her bonus was millions of dollars less than what he received. She said that she was paid less than nearly all of the male colleagues that worked for her boss.

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‘Bro Club’ Lawsuit Alleges Rampant Trading Abuses At Bank Of America, Forbes, May 19, 2016

Senior Female Banker Accuses BofA Of Pay Discrimination, Front-Running, Assembling “Bro’s Club Of All-Male Sycophants”, Dealbreaker, May 17, 2016