JPMorgan Chase has reached a settlement with some male employees who claim the company denied them paid parental leave on similar terms as women.
In a statement from the American Civil Liberties Union, who was part of the class-action case, the settlement calls for JPMorgan to pay $5 million to fathers who say they were denied the option to take leave as primary caregivers between 2011 and 2017.
Chase will also continue to maintain a gender-neutral policy on parental leave.
The lawsuit was originally filed by employee Derek Rotondo, who attempted to take 14 weeks of leave as a primary caregiver but was told he was only eligible for two weeks of leave as a father. Since then, Chase updated its policy to allow both moms and dads to take leave as a primary caregiver and granted Rotondo 16 weeks of leave.
“I love my children, and all I wanted was to spend time with them when they were born,” said Rotondo in a statement. “I’m proud that since I filed my charge, Chase has clarified its policy to ensure that both male and female employees who wish to be the primary parental caregiver have equal access to those benefits.”
Markets: Dow, stocks pare losses in midday trading after Trump threatened tariffs on Mexico
Trade battles: Trump’s Mexico tariffs could cost Detroit automakers billions
The ACLU says this is the first class-action lawsuit to settle claims from dads seeking the same parental leave as mothers.
“We are pleased to have reached an agreement in this matter and look forward to more effectively communicating the policy so that all men and women employees are aware of their benefits,” said Reid Broda, associate general counsel for JPMorgan Chase, in a statement.
The preliminary class-action settlement still awaits court approval.
Follow Brett Molina on Twitter: @brettmolina23.