A joint statement from Goldman Sachs Group Inc. (GS.N) and the plaintiffs announced a $215 million settlement to end a class-action lawsuit alleging systemic gender prejudice in pay and promotions.
The plaintiffs, former Goldman Sachs workers, claimed that the Wall Street firm routinely underpaid women and gave them poor performance assessments that stunted their careers.
The lawsuit was one of the most high-profile examples alleging Wall Street’s discriminatory treatment of women in decades-long litigation against multiple institutions.
The announcement says the settlement includes 2,800 female colleagues and vice presidents in Goldman Sachs’ investment banking, investment management, and securities businesses.
After more than a decade of aggressive litigation, both parties have resolved this case. “We will continue to focus on our people, our clients, and our business,” said Jacqueline Arthur, Goldman Sachs’ global head of human capital management.
The deal also requires Goldman Sachs to recruit independent specialists to analyze performance evaluation and gender pay discrepancies.
Plaintiff co-counsel Kelly Dermody stated the settlement delivered “substantial, certain recoveries for all class members and advances gender equity at Goldman.”
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