JPMorgan Allegedly Directed Black Advisers to Less Affluent Regions, Lawsuit Claims

JPMorgan Chase & Co. is facing a lawsuit from two former financial advisers who allege that the bank discriminated against them as Black women. They claim that the bank assigned them to less-affluent neighborhoods in Brooklyn, New York, and allowed male colleagues to poach their clients.

Laura Agard and Roshanna Richardson filed their lawsuit on December 17 in Manhattan federal court. They assert that they were compelled to leave their positions at the bank in 2021 due to pervasive race and gender bias.

In response, JPMorgan stated that it has “the strongest commitment to an equal workplace.” The bank firmly disagrees with the allegations and has pledged to “vigorously defend” itself against the claims.

Agard and Richardson contend that a bank policy directed African American financial advisers to branches serving low- and moderate-income areas, which limited their potential for commission income. According to the lawsuit, Agard was assigned to a branch in Bedford-Stuyvesant, while Richardson worked in Coney Island and Canarsie.

The plaintiffs argue that their earning potential was further diminished by the bank’s preference for White male advisers at their branches. Richardson claims that management supported a White male colleague who decided to manage all clients with more than $250,000 in investable assets, effectively sidelining her.

Both women allege that the bank permitted male advisers to take over their client accounts while they were on maternity leave, which they argue reflects a broader discriminatory policy. The complaint states, “This practice was built on the stereotyped assumption that women taking maternity leave — as opposed to men taking medical or other leaves — were likely not to return to the workforce after having children or were more likely to prioritize their children over their work.”

Agard and Richardson also referenced previous lawsuits against JPMorgan that alleged race or gender discrimination, highlighting that the bank paid $24 million to settle a class action lawsuit by Black financial advisers in 2018.

The case is officially titled Agard v JPMorgan Chase & Co., 25-cv-10434, and is being heard in the US District Court for the Southern District of New York.

Photo: JPMorgan Chase & Co. headquarters in New York. (Bloomberg)

Copyright 2025 Bloomberg.

Topics
Lawsuits

JPMorgan Chase & Co. is facing a lawsuit from two former financial advisers who allege that the bank discriminated against them as Black women. They claim that the bank assigned them to less-affluent neighborhoods in Brooklyn, New York, and allowed male colleagues to poach their clients.

Laura Agard and Roshanna Richardson filed their lawsuit on December 17 in Manhattan federal court. They assert that they were compelled to leave their positions at the bank in 2021 due to pervasive race and gender bias.

In response, JPMorgan stated that it has “the strongest commitment to an equal workplace.” The bank firmly disagrees with the allegations and has pledged to “vigorously defend” itself against the claims.

Agard and Richardson contend that a bank policy directed African American financial advisers to branches serving low- and moderate-income areas, which limited their potential for commission income. According to the lawsuit, Agard was assigned to a branch in Bedford-Stuyvesant, while Richardson worked in Coney Island and Canarsie.

The plaintiffs argue that their earning potential was further diminished by the bank’s preference for White male advisers at their branches. Richardson claims that management supported a White male colleague who decided to manage all clients with more than $250,000 in investable assets, effectively sidelining her.

Both women allege that the bank permitted male advisers to take over their client accounts while they were on maternity leave, which they argue reflects a broader discriminatory policy. The complaint states, “This practice was built on the stereotyped assumption that women taking maternity leave — as opposed to men taking medical or other leaves — were likely not to return to the workforce after having children or were more likely to prioritize their children over their work.”

Agard and Richardson also referenced previous lawsuits against JPMorgan that alleged race or gender discrimination, highlighting that the bank paid $24 million to settle a class action lawsuit by Black financial advisers in 2018.

The case is officially titled Agard v JPMorgan Chase & Co., 25-cv-10434, and is being heard in the US District Court for the Southern District of New York.

Photo: JPMorgan Chase & Co. headquarters in New York. (Bloomberg)

Copyright 2025 Bloomberg.

Topics
Lawsuits