Vanguard will pay $300,000 to settle a lawsuit filed by the U.S. Equal Employment Opportunity Commission accusing it of racial bias against a black financial planning candidate and overall 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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