In a high-stakes employment dispute that spotlighted gender and age discrimination in the world of high finance, Astatine Capital Partners LLC has quietly settled a lawsuit brought by former executive Patricia Burnell, who accused the firm of bypassing her for promotions, underpaying her compared to younger male colleagues, and eventually terminating her for speaking up.
A stipulation of dismissal was filed Friday in federal court in Connecticut, formally closing the case. The filing confirms the parties reached a confidential settlement, ending claims that Astatine violated Title VII of the Civil Rights Act, the Equal Pay Act, the Age Discrimination in Employment Act, and various state labor laws.
Allegations of Systemic Disparity
Burnell, a veteran financial professional, joined Astatine in 2012. According to her amended complaint, she entered a male-dominated leadership structure—with both managing partners and eight of nine top executives being men.
Initially brought on as a part-time vice president, Burnell alleged that she was denied carried interest—a lucrative incentive tied to investment profits—despite the firm awarding it to younger male employees. Though told that her part-time status excluded her from eligibility, Burnell claimed the inequity persisted even after she transitioned to a full-time director role in 2018.
Burnell asserted that her role expanded significantly as she helped the firm launch new funds, yet her compensation failed to reflect her contributions. She further claimed that women who did receive carried interest were awarded less than men in equivalent roles.
