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Gender-bias suit filed against Raymond James

By Times Wires
Published September 27, 2007

ST. PETERSBURG

Raymond James Financial of St. Petersburg was sued by three former employees who claim the brokerage "has a strong corporate culture that is biased against women," particularly those older than 40. The suit, filed in U.S. District Court in Chicago, accuses the firm of denying the women promotions they earned, based on their age, gender and, in one case, race. The suit seeks class-action status to represent other current and former female employees. "Raymond James maintains stereotypical views about the skills, abilities and potential of women that form the basis of personnel decisions," the plaintiffs' attorney, Linda Friedman, wrote in the complaint. A Raymond James spokeswoman declined to comment because the company had not seen the suit.

Durable goods orders plunge

Demand for big-ticket manufactured goods plunged in August by the largest amount in seven months, with widespread weakness signaling a slowdown in the nation's industrial sector. The Commerce Department reported Wednesday that orders for durable goods, everything from commercial jetliners to home appliances fell by 4.9 percent in August, the biggest decline since a 6.1 percent fall in January.

RESTON, VA.

Sallie Mae: $25B deal in jeopardy

SLM Corp., better known as Sallie Mae, said Wednesday an investment group planning to buy the student lender for $25-billion is backing out of the deal. Private-equity firm J.C. Flowers, Bank of America Corp. and JPMorgan Chase & Co. agreed this year to buy Sallie Mae, but said potential federal legislation further regulating the student lending industry could kill the acquisition.

[Last modified September 26, 2007, 23:49:49]