Goldman Sachs is paying $215 million to settle a long-running class-action lawsuit where 2,800 current and former employees claimed the bank underpaid and under-promoted women.
The ongoing agreement will also require Goldman to “enhance select commutations to vice presidents regarding career development and promotion criteria.”A trial was originally set for June in New York — 13 years after the class-action suit was first filed.
The class-action suit was first brought by Cristina Chen-Oster, who was onboarded at Goldman in 1997 and sold convertible bonds. She filed a discrimination complaint in July 2005 with the US Equal Employment Opportunity Commission before suing in 2010 alongside two other plaintiffs: Lisa Parisi, a former managing director at Goldman, and Shanna Orlich, an associate.
Meanwhile, Goldman’s most recent partner and managing director promotions included the highest percentages of women in the history of the firm. The 2022 class of partners and managing directors is now 29% women.
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