Bovitz v. Wells Fargo – A Discrimination Lawsuit

{Read in 2:30 minutes} Imagine dedicating almost 35 years to the financial industry. You work hard. You are successful. You build an impressive book of business. And yet, you are continuously hindered from reaching your potential – not because you are not qualified, because you are; not because you do not have the necessary experience, because you do. You are passed over because you are an older woman. Our client, Judith A. Bovitz, who is 69 years old, has been experiencing this for years. After every step taken to remedy the situation internally failed, she filed a Federal Lawsuit last month against Wells Fargo Advisors (“Wells Fargo” or the “Company”).
Ms. Bovitz, a financial advisor, sets forth in the complaint that she has lost hundreds of thousands of dollars because younger, male advisors were handed accounts when employees would leave, rather than there being an equitable distribution to all advisors. This is despite the fact that in 2011, Wells Fargo & Co. paid $32 million to settle a gender bias class-action suit for women advisors. In response it did put a system in place that was supposed to help redistribute accounts in a non-discriminatory manner. Unfortunately for Ms. Bovitz, the Company’s attempts to rectify this issue were unsuccessful.
Ms. Bovitz reached out to the Company’s HR Department and alleges in the complaint that she was retaliated against with a transfer to a more remote location. Ms. Bovitz’s hard work, talent and experience led to her growing a $100 million book of business, despite these barriers. Imagine what she could have accomplished if the accounts had been redistributed fairly and not based on gender and/or age. This has also greatly impacted her ability to continue to build her book of business, meet new clients and move up within the Company.
Ms. Bovitz bravely came forward to raise these issues in a public forum, to fight for what is right and also to raise awareness of the issues still facing women in the workplace. While the glass ceiling has some cracks, it is important that women continue to shed light on the many places where we still need to break through.