The Vanguard Group Inc. has agreed to pay $500,000 to settle a lawsuit brought by the Equal Employment Opportunity Commission, EEOC said Friday.

The Malvern, Pa., mutual fund giant did not admit wrongdoing in the settlement, EEOC said.

EEOC said Vanguard was accused of race discrimination by Raymond Ross of Maple Glen, Pa. According to the EEOC, Ross’ information technology career at Vanguard began in 1993 and was going well until he switched to a new department and managers in 2002. After complaining “that he was being treated less favorably and discriminated against based on his race,” the EEOC said, “Ross began to experience acts of retaliation, including unfavorable changes in his work conditions and assignments, from the managers he accused of race discrimination.” He was fired in 2003, the EEOC said. An EEOC official said Ross now runs a computer consulting company.

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