Woman fired at 55 sues over 'ageism'

A former Schroders executive who claims she was sacked because she was too old is suing the asset management firm in a New York court.

Sharon Haugh, 56, had been with Schroders, a British firm, for 20 years and was chairman of one of its subsidiaries, Schroders Investment Management North America, until May this year.

Her lawsuit says "ageism" was the sole reason the chief executive, Michael Dobson, fired her. The suit, filed in the Manhattan Federal Court, seeks unspecified damages, backdated pay and compensation for lost earnings. Ms Haugh says she was asked to leave her job 10 days after she won the coveted Lothrop Award for outstanding achievements in the industry.

Mr Dobson, 50, who was brought in as chief executive last October to cut costs and improve performance, said he "wanted someone younger" when he explained the company's decision to let her go, the suit claims.

In Ms Haugh's first business meeting with Mr Dobson on 26 November 2001, he asked how long she intended to keep on working, it is claimed. She said she had at least another 10 years ahead of her and pointed out it was not unusual to retire at 65 or older in America.

Ms Haugh's lawyer, Stanley Arkin, described her as a "woman at the pinnacle of her career" who had been pushed out in the "most ignominious manner imaginable.

"When she refused to be retired – to be marginalised at age 55 – she was fired and given one day to clean out her office. This lawsuit is a response to the arrogance of those who are perfectly happy to reap the benefits of American investments while flouting American laws."

Schroders denied discriminating on the ground of age. "Ms Haugh's claim will be vigorously contested ... We are fully committed to equal opportunities," a spokesman said.