J.P. Morgan Chase & Co. units have been accused of age bias by a former manager in the mortgage-backed securities sales department.
In a complaint filed in Manhattan federal court, George Bailey, 53, alleges that his managerial duties were shifted to a 39-year-old soon after his boss, 52, was replaced by a younger man.
Bailey said Chase Securities Inc. and J.P. Morgan Securities Inc. were biased against older employees.
"Ten of the 12 salespeople in plaintiff's department were in their 30s," Bailey said in his complaint. "Plaintiff was the only salesperson who was over 50."
A J.P. Morgan Chase spokesman said the firm had no comment.
Bailey, a vice president, was fired in November 2000.
The suit seeks an undetermined amount of lost pay.