CFA Society Chicago is the oldest investment analysts’ society in the world. According to a lawsuit filed this week in federal court, the company and its chief executive, Christopher Vincent, fired two senior women weeks after they reported his racist and sexist conduct. Jeff and his law firm filed the case.
Susan Bonner and Kathleen Hurley were senior women on Vincent’s staff. Ms. Bonner was its Managing Director of Marketing and Customer Experience. Ms. Hurley was its Director of Programs and Sponsorships.
CFA Society Chicago brands itself as a model of professional ethics. It calls itself a community of more than 4,000 finance professionals committed to “the highest standards of ethics, education, and professional excellence.” Its values include “Ethical Leadership” and a promise of a “culture of inclusion, diversity and respect.” Its Board of Directors includes some of the most accomplished finance and investment professionals in Chicago. But behind that brand, the complaint says, Vincent ran the organization very differently.
According to the complaint, Vincent talked about firing “ignorant colored girls.” He called Black female employees “lazy” and “not hard workers.” He called women “dumb.” He stated “I fired a legacy team of colored girls for ignorance, with no repercussions! I’m that good!” Once, he yelled at a female employee for 54 minutes. He was so loud that someone outside the room thought she was being physically attacked.
Ms. Bonner reported Vincent’s conduct to the Board Chair, who sent her to CFA Society Chicago’s lawyer. According to the complaint, Vincent found out about the reports and came after Ms. Bonner. He warned her that the lawyer “works for me.” He promised “consequences” if she kept speaking “out of turn.”
Ms. Bonner continued to report him anyway. She met with the lawyer and described Vincent’s conduct in detail. The lawyer promised her that she would not be punished for reporting.
Weeks later, Vincent fired Ms. Bonner, and he gave untrue reasons for the firing.
Ms. Hurley reported Vincent to a member of the Board of Directors. Vincent fired her soon after. When Ms. Hurley mentioned that she might retire someday, Vincent used that offhand remark to end her career on the spot. There was no transition and no business reason for it.
Neither woman had ever been disciplined, put on a performance plan, or told her work was not good enough.
Ms. Bonner and Ms. Hurley brought their reports to the people who could stop Vincent: the Board Chair, a Board member, and the organization’s own lawyer. According to the complaint, the Board did not discipline Vincent and did not run a real investigation. Instead, it let the women who reported him be fired.
The lawsuit alleges retaliation under 42 U.S.C. Section 1981, Title VII of the Civil Rights Act of 1964, and the Illinois Human Rights Act. The complaint names Vincent individually under Section 1981.
The case is captioned Bonner and Hurley v. CFA Society Chicago and Christopher Vincent and was filed in the United States District Court for the Northern District of Illinois, Eastern Division. The case bears number 26-cv-7912.
Were you punished for reporting discrimination or harassment at work? Contact Jeff.
NOTICE: The information in this post comes from allegations made in a legal complaint filed in the public record with the court. Please note that this is a contested matter. As a result, it is expected that the allegations will be opposed or denied by other parties and the court has not ruled on the merits as of the date of this statement.
