Top investment bank resolves case highlighting Wall Street's grueling workweeks

Centerview Partners and ex-junior banker Kathryn Shiber have reached a settlement, concluding a much-followed lawsuit about Wall Street work culture that was planned for trial in Manhattan federal court.

The lawsuit was based on claims that the boutique investment bank breached disability discrimination laws when it terminated Shiber in 2020 after she stated she needed eight to nine hours of sleep nightly due to an underlying mood and anxiety disorder.

Docs and depositions in the lawsuit provided a unique glimpse into the intense demands on first-year analysts, including accounts that they usually clock between 60 and 120 hours weekly and that "on certain projects, you are essentially working nonstop."

Centerview has maintained they did nothing wrong.

"Centerview has always contended that Ms. Shiber's legal assertions are baseless," a Centerview representative told Business Insider in a statement. 

"We were prepared to prove this in court and are confident we would have succeeded at trial. However, we are glad to move past this diversion and concentrate on serving our clients."

The settlement means a jury will not decide on matters concerning Wall Street's extensive hours and workplace accommodations.

The conditions of the settlement are not being disclosed. Shiber's attorneys did not reply to requests for comment from Business Insider.