Investment bank Goldman Sachs has agreed to pay $215 million to settle a gender discrimination lawsuit that’s been ongoing for more than a decade, the company and plaintiffs announced late Monday.
, data shows. Women in the United States earn 82 cents for every dollar made by a male counterpart, a Pew Research Center study found in March.
Much of that disparity, research found, is related to gender discrimination in the workplace that keeps women from gaining promotions or relegates them to lower-tier jobs, such as administrative work.Advertisement Mothers age 25 to 34 earned 85 percent as much as fathers in the same age range in 2022, Pew found. Women in the same age group without children earned 97 cents on the dollar made by a man in 2022.
The Goldman plaintiffs argued that the company’s performance review system allowed for bias that devalued women’s work, and that managers had undue sway to base reviews on subjective judgments and used that authority to elevate men and punish women. Under the terms of the settlement, which must still be approved by a judge, Goldman must hire an independent expert for three years to analyze its performance review and promotion processes, and conduct a gender pay-equity study.
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Goldman Sachs settles gender discrimination suit for $215 millionGoldman Sachs has agreed to pay $215 million to settle a years-long class action lawsuit that claimed the bank discriminated against women when it came to pay, performance evaluations and promotions. The lawsuit, which was initially filed in September 2010, was set to go to trial next month. The plaintiffs in the case are all women who worked for Goldman as an associate or vice president in the U.S. in its investment banking, investment management or securities divisions. The settlement covers about 2,800 female associates and vice presidents in Goldman’s investment banking, investment management and securities divisions.
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Goldman Sachs settles gender bias lawsuit for $215 millionThe Wall Street giant will reevaluate its promotion and evaluation processes as part of settlement.
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Goldman to pay $215 mln to settle gender bias suit from 2010Goldman Sachs Group Inc. and plaintiffs in a class action lawsuit over allegations of gender bias said Tuesday they reached a $215 million settlement in the...
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