Harold Ford Jr., a former congressman turned Wall Street rainmaker, was sacked by the financial services firm Morgan Stanley in recent days "for conduct inconsistent with our values and in violation of our policies", the company said in a statement on Thursday.
The alleged incident also prompted Morgan Stanley to launch an internal investigation into the woman's claims.
A woman had accused the former lawmaker of harassment and intimidation, according to their report.
Yashar Ali reported for HuffPost that a woman who worked with Ford said she was interviewed by Morgan Stanley's HR department for a probe on misconduct.
A spokeswoman for the Wall Street bank said Mr. Ford had been fired for "conduct inconsistent with our values and in violation of our policies". His father, Harold Ford Sr., held a congressional seat for 12 terms before retiring, leaving his son to run for the seat, a race which he won handily. "I have never forcibly grabbed any woman or man in my life".
Ford gave a lengthier statement to HuffPost that can be read in full below. "I will now be bringing legal action against the reporter who has made these false claims about me as well as Morgan Stanley for improper termination".
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"I support and have tremendous respect for the courageous women now speaking out in this important national dialogue", Ford said.
The Huffington Post earlier cited an unnamed woman who claimed Ford harassed her on a night several years ago. He added that socializing with members of the press was part of his job, he said that "false claims like this undermine the real silence breakers".
Ford joined Morgan Stanley as a Managing Director in 2011.
Ford regularly appears on MSNBC's "Morning Joe", where now-disgraced political reporter Mark Halperin was also a frequent guest.
A spokesman for the financial firm said this week that he was sacked for 'conduct inconsistent with our values and in violation of our policies'. A spokesperson for MSNBC did not immediately respond to TheWrap's request for comment.