Vanguard is Hit with a Race Discrimination Suit
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Friday, October 09, 2009

Vanguard is Hit with a Race Discrimination Suit

The Equal Employment Opportunity Commission slapped a discrimination suit against Vanguard, alleging that the firm refused to hire an African American job candidate due to her race.

Sought by The MFWire for comment, Vanguard spokesperson Linda Wolohan said: "Vanguard does not tolerate discrimination of any kind and we have a deep commitment to hiring and retaining a diverse workforce, believing that diversity of people, ideas and viewpoints is one of our most important assets. We believe that the allegations in the complaint have no merit."

According to the complaint, filed last month, Barbara Alexander was the sole African American applicant for a financial planning post at the company's Charlotte, North Carolina office. Alexander, who has 14 years of experience and has an MBA in finance, was told by a company official that she was "obviously qualified" for the post. However, the firm ended up not hiring her, saying she was "unqualified" partly because she did not possess a certified financial planner certification.

The suit stated that Vanguard hired a less qualified white applicant who also did not have a CFP certification.

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