May 8 (Reuters) – Goldman Sachs Group Inc ( GS.N ) has agreed to pay $215 million to settle a lawsuit over widespread bias against women in both pay and promotion. Petitioners said.
The plaintiffs, former Wall Street bank employees, alleged that Goldman Sachs systematically paid women less than men and gave women poor performance reviews that hindered their career advancement.
The case is one of the most high-profile in a decades-long series of lawsuits against banks targeting Wall Street’s alleged unequal treatment of women.
The settlement covers approximately 2,800 female associates and vice presidents working in Goldman Sachs’ investment banking, investment management and securities divisions.
“After more than a decade of intense litigation, both parties have agreed to settle 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 hire independent experts to conduct additional analysis on performance appraisals and gender pay gaps, the statement added.
Kelly Dermody, co-counsel for the plaintiffs, said they believe the settlement “provides substantial, certain recoveries for all class members and advances gender equality at Goldman.”
Urvi Duggar reports in Bangalore; Editing by Sonali Pal
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