Goldman Sachs Group agreed to pay $215 million to settle a class action alleging widespread bias against women in pay and promotions.
In a well-known 1990s case, Smith Barney settled charges that men harassed women in a space known as the "Boom-Boom Room."
The #MeToo movement against sexual abuse and recent changes in New York law have made gender-based lawsuits more common, said Domenique Camacho Moran, a partner at law firm Farrell Fritz, who was not involved in the Goldman case.Alison Taylor, a professor at New York University's Stern School of Business, said it was now "impossible" to keep issues of harassment and discrimination confidential.
"This settlement will help the women I had in mind when I filed the case," Orlich said in a statement. The settlement also calls for Goldman to hire independent experts to analyze its gender pay gaps and performance evaluation processes. In 2020, the bank said it aimed for 40% of vice presidents to be women within five years. Twenty-nine percent of its current partners and managing directors are women.
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Goldman Sachs to pay $215 mln to settle gender discrimination lawsuitGoldman Sachs Group Inc has agreed to pay $215 million to settle a long-running class-action lawsuit that alleged widespread bias against women in both pay and promotions, a joint statement from the company and the plaintiffs said.
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Goldman Sachs to pay $215 million to settle discrimination claims from female employees | CNN BusinessGoldman Sachs has agreed to pay $215 million to settle a long-running class-action lawsuit that alleged widespread bias against women in both pay and promotions, a joint statement from the company and the plaintiffs said.
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Goldman Sachs settles gender discrimination suit for $215 millionGoldman Sachs has agreed to pay $215 million to settle a years-long class action lawsuit that claimed the bank discriminated against women when it came to pay, performance evaluations and promotions. The lawsuit, which was initially filed in September 2010, was set to go to trial next month. The plaintiffs in the case are all women who worked for Goldman as an associate or vice president in the U.S. in its investment banking, investment management or securities divisions. The settlement covers about 2,800 female associates and vice presidents in Goldman’s investment banking, investment management and securities divisions.
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Goldman Sachs settles gender bias lawsuit for $215 millionThe Wall Street giant will reevaluate its promotion and evaluation processes as part of settlement.
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Goldman Sachs will pay $215 million to settle gender bias lawsuitInvestment bank Goldman Sachs has agreed to pay $215 million to settle a gender discrimination lawsuit that’s been ongoing for more than a decade, the company and plaintiffs announced late Monday.
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