Six women sued the New York-based securities firm last year, alleging that female advisors and trainees were discriminated against in pay, promotion and other areas.
This suit was later expanded to cover about 3,000 women who worked there between August 5, 2003, and June 30, 2007.
The settlement was reached in April and received preliminary approval in July from U.S. District Judge Richard Roberts, according to reports.
The judge said Monday that he will grant final approval after a 90-day period of notification for class members ends October 24, according to published reports.
In addition to the payment, which will be divided among plaintiffs and cover attorneys’ fees, Morgan Stanley will spend $7.5 million on training and diversity programs, a published report stated.
The firm will also implement some programs to advance the success of its female financial advisors.