A managing director at Barings Global Private Finance sued the investment firm in New York over what she describes as a hostile work environment fueled by discrimination based on gender and national origin.
(Bloomberg) — A managing director at Barings Global Private Finance sued the investment firm in New York over what she describes as a hostile work environment fueled by discrimination based on gender and national origin.
Jessica Lee’s suit, filed Thursday in New York state court in Manhattan, alleges Barings LLC retaliated against her for objecting to alleged pay discrimination, and that she overheard executives make “highly offensive comments” about Koreans.
Lee, 43, joined Barings in 2017 after serving as a managing director at Carlyle Group. Her suit also names Barings’ Co-Head of Global Private Finance Ian Fowler and President Eric Lloyd, who allegedly participated in the discrimination. The suit seeks unspecified damages.
A spokesperson for Barings said Friday the firm intends to defend the case vigorously.
“Barings is committed to fostering a diverse, equitable, and inclusive environment where everyone can succeed, underpinned by mutual respect for the employees, clients, and communities we serve,” the spokesperson said.
Lee claims she was compensated “far less” than her male colleagues with similar responsibilities for originating loan business. “No reasonable business reason remotely justifies the vastly significant difference in pay between Ms. Lee and these two male comparators,” according to her suit.
When Lee complained to Fowler about the disparity, she suffered “immediate retaliation” by being placed on a performance-improvement plan, according to the suit.
“Mr. Fowler never approached her to discuss or give any business reason as to why she was treated and paid differently than her male colleagues,” according to the suit. “Ms. Lee is paid substantially less because she is the only Asian female.”
Lee claims Fowler “spoke pejoratively” about Korean investors in 2019, saying they were a “nuisance” to deal with and asked “too many questions,” according to the complaint.
‘Highly Offensive’
“These highly offensive comments about Koreans were hardly the only ones uttered by Senior, White Males at the Company,” Lee said in the complaint.
Lee claims she was issued a “blatantly false” performance review that was “designed to create a pretext for the adverse treatment” she received. Lee says her performance last year was “extraordinarily successful,” originating $456 million of fee-generating loans, while her White male colleagues lost business without being put on performance-improvement plans.
The managing director also alleges she was not invited to any key in-person meetings with the sales team in 2022, according to the suit.
Lee’s lawyer, John Singer, said he can’t comment on the case because his client is still an employee of Barings.
“Whereas I cannot comment on this specific case, the fact that discrimination against women and people of different national origins remains so ubiquitous and pervasive in the financial services industry is extraordinarily disheartening,” Singer said in a statement.
–With assistance from Sally Bakewell.
(Updates with comment from Barings.)
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