Vanguard Group announced it will pay $300,000 to settle a lawsuit brought by the Equal Employment Opportunity Commission accusing the Malvern, Pa., mutual fund company of racial bias in its hiring practices.

The EEOC alleged in a federal complaint filed in September that Vanguard decided not to hire Barbara Alexander as a financial planning manager because she was black even after she was told during the hiring process, including at roughly 13 interviews, that she was qualified for the job. Alexander has worked in the industry for 14 years.

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