Goldman settles gender discrimination swimsuit for $215 million

NEW YORK — Goldman Sachs pays $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 purpose on this case has at all times been to assist robust ladies on Wall Avenue. I’m proud that the consequence we achieved right here will advance gender fairness,” plaintiff Allison Gamba stated in a ready assertion.

Other than the cost, the settlement features a three-year interval throughout which Goldman will work with an unbiased professional 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 professional to conduct further pay fairness research and for the New York Metropolis firm to analyze and handle any gender pay gaps the place applicable.

“Goldman Sachs is pleased with its lengthy document of selling and advancing ladies and stays dedicated to making sure a various and inclusive office for all our folks. After greater than a decade of vigorous litigation, each events have agreed to resolve this matter,” stated Jacqueline Arthur, Goldman Sachs international head of human capital administration. “We are going to proceed to concentrate on our folks, our purchasers, and our enterprise,”