JP Morgan agrees to pay at least $800,000 in back wages to settle a lawsuit that accused the bank of underpaying at least 93 women

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A man walks into the JP Morgan headquarters at Canary Wharf in London Reuters
  • JPMorgan Chase & Co. agreed to pay at least $US800,000 in back wages to 93 women as part of a 2017 lawsuit that accused the company of paying women less money than men in the same positions.
  • The company will also allocate $US9 million over five years for compensation adjustments.
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JPMorgan Chase & Co. agreed to pay at least $US800,000 in back wages as part of a settlement to a lawsuit that alleged the company underpaid women, Bloomberg Law reported.

The company also agreed to allocate $US9 million over five years for compensation adjustments as part of the settlement.

The lawsuit from the US Department of Labour was initially brought forward in January 2017. It accused JP Morgan of paying women employees less than their male counterparts, USA Today reported.

JP Morgan was accused of underpaying 93 women who worked as lead application developers, project managers, and technology directors in the Investment Bank, Technology & Market Strategies unit less than men in the same positions since at least May 2012.

The lawsuit also alleged the company did not ensure there was a path to fair pay.

The legal action follows many others in the pursuit of pay equity in the workplace, which is an ongoing struggle in the US. The US Census Bureau released new data in September showing that between 2018 and 2019, the gender pay gap persisted, with women making $US0.82 of every dollar earned by a man.