Twenty-three women sued Smith Barney for sexual harassment and pay discrimination in an explosive class-action lawsuit filed 20 years ago this month. It became known as the “boom-boom room” suit, named after a basement party room at Smith Barney’s branch office in Garden City, N.Y. Nearly 2,000 women joined the case, exposing the sordid antics of Wall Street’s testosterone-driven culture.
Smith Barney paid $150 million in arbitration awards and settlements in the case, and it and other Wall Street firms rushed to set up anti-harassment training, employee hotlines and programs to recruit women.
Twenty years later, permanent change is less obvious.
“You may no longer have strippers coming for afternoon entertainment, but that doesn’t mean you are treated as an equal,” said Anne C. Vladeck of the New York employment law firm Vladeck, Raskin & Clark. “It’s not quite as blatant as what went on in the boom-boom room, but it’s still there in a way that makes it very hard for women to succeed. Companies on Wall Street are just not changing.”
You can read the full story I wrote for The New York Times here.