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The Equal Employment Opportunity Commission informed the financial services firm earlier this week that it has until Monday to settle with a former female employee claiming gender discrimination or face a lawsuit. This is not the first instance of Morgan Stanley employees alleging gender or racial discrimination, but if the matter goes to court it will be one of the rare times that the EEOC has sued a large Wall Street investment bank on behalf of a high paid employee. While most such employees settle in arbitration rather than put their high-paying jobs on the line by using the EEOC process, similar suits were recently brought against Merrill Lynch and Smith Barney.