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9 May, 2023 13:33

Gender-bias case costs Goldman Sachs millions – media

Female employees will reportedly receive compensation for alleged discrimination
Gender-bias case costs Goldman Sachs millions – media

The US investment bank Goldman Sachs has settled a long-running class-action lawsuit that alleged widespread discrimination against female employees, Reuters reported on Tuesday, citing a joint statement from the company and the plaintiffs.

The bank will pay $215 million in compensation to 2,800 of its former and current female associates and vice presidents, who accused it over a decade ago of systematically paying them less than their male counterparts, and of obstructing women’s career growth, according to Reuters.

No details have been released on how much compensation each plaintiff will receive, but if divided evenly, the pay-out will stand at just under $77,000 per person.

As part of the settlement, Goldman Sachs will also hire independent experts to analyze performance evaluation and gender pay gaps, the statement added.

The lawsuit was first filed in 2010 and alleged that violations of female employees’ rights were based on “companywide policies and practices, and are the result of unchecked gender bias that pervades Goldman Sachs’ corporate culture.” The trial was scheduled to begin in June in New York.

According to Reuters, the lawsuit was among the highest-profile cases targeting Wall Street’s alleged unequal treatment of women in litigation against many banks that stretches back decades.

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