Morgan Stanley had agreed to settle a class-action lawsuit over alleged systemic discrimination against 1,200 African-American and Latino employees, according to the plaintiffs’ lawyers in the case.

According to the original compliant filed last year (which can be downloaded here), the firm has discriminated against African Americans and Latinos in the distribution of accounts and other business opportunities in its retail brokerage division since 2002.

While the terms of the five-year agreement are confidential (for now at least – they will be revealed when it is submitted to the court for approval), attorneys with the firm Lieff Cabraser Heimann & Bernstein said that the agreement did include provisions for changed recruiting, hiring, promotion, and account distribution policies. Furthermore, Morgan Stanley agreed to undergo diversity training in addition to appointing an independent “Diversity Monitor” to oversee that the terms of the settlement are carried out.