Regions Bank Sued for Firing of 61-Year-Old Manager

October 2, 2012 (PLANSPONSOR.com) - The U.S. Equal Employment Opportunity Commission (EEOC) is suing Regions Bank for firing a 61-year-old manager because of her age and refusing to provide her with a reasonable accommodation for her disability.

According to the EEOC’s lawsuit, Regions Bank fired the manager of a Memphis branch after she requested a reasonable accommodation for her disability, hyperthyroidism, which caused her debilitating fatigue and heightened anxiety. The EEOC said the branch manager had worked for Regions Bank’s predecessor for more than 30 years and had worked for Regions Bank since 2005.  

The EEOC further alleges that Regions refused her request for reasonable accommodation and failed to engage in the interactive process to accommodate the manager, which is required under federal law. In addition, Regions treated younger managers more favorably than the branch manager.   

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The lawsuit asks the court to grant permanent injunctions enjoining Regions Bank from further denying reasonable accom­modations to disabled individuals and engaging in any further employment practices that discriminate because of age. The EEOC is also asking the court to order Regions Bank to compensate the manager for lost back pay and liquidated damages, as well as compensatory and punitive damages.  

The EEOC filed suit (Civil Action No. 2:12-cv-2855 in U.S. District Court for the Western District of Tennessee, Western Division) after first attempting to reach a pre-litigation settle­ment through its conciliation process.  Denial of a reasonable accommodation to a disabled individual violates Title I of the Americans with Disabilities Act (ADA) of 1990, and discriminating on the basis of age violates the Age Discrimination in Employment Act (ADEA) of 1967.

Public Pensions More Likely to Use SRI/ESG Strategies

October 2, 2012 (PLANSPONSOR.com) – Public pension plans are more than twice as likely to implement socially responsible investing (SRI) and environmental, social and governance (ESG) strategies than corporate plans, according to a BNY Mellon survey.

Thirty-five percent of public pensions have an SRI component, compared with only 16% of corporate plans. A BNY Mellon white paper said concerns around the Employee Retirement Income Security Act (ERISA) weigh on U.S. corporate clients, with debate about their role as a fiduciary when integrating ESG investing.

Furthermore, the survey found portfolio screening is still prevalent, but shareholder advocacy is on the rise. Overall, 24% of responding clients have implemented SRI/ESG strategies within their investment process, representing more than $200 billion in assets.

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Highlights from the survey include:

  • Twenty-seven percent of foundations and endowments have adopted SRI/ESG strategies.
  • Eighty-percent of firms believe there is no performance trade-off between SRI/ESG strategies and traditional investments;
  • More than one-third of respondents expect SRI to be more important in the future;
  • Screening is the most prevalent approach in how clients implement ESG strategies;
  • Main SRI focus areas continue to be in the categories of human rights, weapons and tobacco; and
  • Many investors rely on their managers to monitor SRI/ESG screens they put in place.

 

To view the full paper, “Trends in Environmental, Social, and Governance Investing,” visit http://www.bnymellon.com/foresight/pdf/esg-investing-1012.pdf.

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