May 8 (Portal) – Goldman Sachs Group Inc (GS.N) has agreed to pay $215 million to settle a long-running class action lawsuit alleging widespread bias against women in both pay and promotions will, according to a joint statement by the company and said the plaintiffs.
The plaintiffs, former employees of Wall Street Bank, accused Goldman Sachs of systematically paying women less than men and giving women weaker performance reviews that hindered their career growth.
The lawsuit was among the most high-profile cases targeting Wall Street’s alleged unequal treatment of women in multi-bank litigation dating back decades.
According to the statement, the settlement affects approximately 2,800 female employees and vice presidents employed in Goldman Sachs’ investment banking, investment management and securities divisions.
“After more than a decade of intense litigation, both parties have agreed to resolve this matter. We will continue to focus on our people, our customers and our business,” said Jacqueline Arthur, global head of human capital management at Goldman Sachs.
As part of the settlement, Goldman Sachs will also engage independent experts to conduct additional analysis on performance evaluation and the gender pay gap, the statement said.
Kelly Dermody, co-counsel for the plaintiffs, said they believe the settlement offers “substantial, secure redress for all group members and advances gender equality at Goldman.”
Reporting by Urvi Dugar in Bengaluru; Editing by Sonali Paul
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