Goldman settles gender discrimination suit for US$215 million

NEW YORK –

Goldman Sachs can pay US$215 million to settle a years-long class motion lawsuit that claimed the financial institution discriminated towards ladies when it got here to pay, efficiency evaluations and promotions.

The lawsuit, initially filed in September 2010, was set to go to trial subsequent month. The plaintiffs within the case are ladies who labored for Goldman as an affiliate or vice chairman within the U.S. within the funding banking, funding administration or securities divisions.

The settlement covers about 2,800 feminine associates and vice presidents in Goldman’s funding banking, funding administration and securities divisions.

“My goal in this case has always been to support strong women on Wall Street. I am proud that the result we achieved here will advance gender equity,” plaintiff Allison Gamba mentioned in a ready assertion.

Aside from the cost, the settlement features a three-year interval throughout which Goldman will work with an unbiased skilled to carry out extra evaluation on its efficiency analysis processes, in addition to its course of for selling people from vice chairman to managing director. It additionally requires an unbiased skilled to conduct extra pay fairness research and for the New York City firm to research and tackle any gender pay gaps the place applicable.

“Goldman Sachs is proud of its long record of promoting and advancing women and remains committed to ensuring a diverse and inclusive workplace for all our people. After more than a decade of vigorous litigation, both parties have agreed to resolve this matter,” mentioned Jacqueline Arthur, Goldman Sachs world head of human capital administration. “We will continue to focus on our people, our clients, and our business,”