May 1, 2006
Employee in talks with NYSE over racial bias suit
NEW YORK (Reuters) - A long-time finance employee at the
New York Stock Exchange is in settlement talks with the Big
Board over a racial discrimination lawsuit he filed last year,
court papers show.
Harry Nelson, an African American, has been repeatedly
passed over for promotions in the exchange's finance department
since he was hired in 1979, despite a history of good
performance reviews, according to his complaint filed in July
job at the New York Stock Exchange said on Monday.
His complaint also charges that exchange executives
including its former Chief Financial Officer, Amy Butte, were
"hostile" toward Nelson and other African-Americans.
In February, Butte announced that she was leaving the
exchange at the end of May but at the time did not provide
details about her plans.
A spokesman for the NYSE Group Inc., the parent of the
exchange, said: "We don't comment on personal matters."
Nelson's attorney was not immediately available for
An order from U.S. District Judge Denny Chin in Manhattan
dated April 27 discontinued the case because it was reported to
the court "that this matter has been settled."
In earlier filings, the NYSE denied Nelson's allegations.
Judge Chin's order also said that if the settlement were
not finalized within thirty days, either party could restore
The NYSE is also being sued for $32 million by two women
who claim they were sexually harassed by a colleague while
working as porters at the exchange between 2001 and 2003.
The claim, filed in Manhattan federal court in April,
alleges that the NYSE and Building Maintenance Service, which
provided cleaning services to the exchange and employed the
women, "refused to remedy the sexually harassing and
retaliatory hostile environment that existed in the NYSE