Goldman Sachs to pay $215 million to settle Gender Pay Discrimination Lawsuit

By: WE Team | Tuesday, 9 May 2023

Global investment banking, securities and investment management firm, Goldman Sachs will pay $215 million in a new agreement to settle a class-action lawsuit on underpaying women, as reported by Bloomberg.

The media outlet reported that an individual familiar with the lawsuit stated that the company has agreed to pay the $215 million in an agreement with lawyers representing 2,500 women who have stated that the company discriminated against them in pay and in issuing promotions.

The trial was slated to occur next month. It would have given a forum to vocalize testimonies about unequal pay in the finance and banking industry, reported Bloomberg. The media outlet’s source also stated that about one third of the settlement will go to the attorney’s fees.

According to Bloomberg, in 2005, Cristina Chen-Oster first filed a complaint pertaining to gender discrimination in Goldman Sachs with the U.S. Equal Employment Opportunity Commission. It took the commission years to issue a decision on the complaint. The commission dismissing the complaint in 2010 but granted Chen-Oster the right to take Goldman Sachs to court.

It was in 2018 when a federal court ruled that Chen-Oster and two other women could represent more than 1,400 current and former employees of the firm.