Goldman Sachs pays $215 million to settle sex discrimination lawsuit

Goldman Sachs has filed a long-running case of sexism perpetrated by female employees who claimed they were consistently underpaid and undervalued by their male colleagues, according to people familiar with the matter. agreed to pay approximately $215 million to settle the lawsuit.

Both sides agreed to a settlement and waived a trial scheduled for next month in federal court in New York. will be allocated to

Former Claimants Christina Cheng Oster and Shana Orrich, Former Goldman Employees sued Goldman in 2010. In 2018, it won the right to lead a class action lawsuit regarding sex discrimination.

Plaintiffs sued Goldman Company-wide policies and practices to improve pay and promotion prospects for male employees.

Plaintiffs allege that the bank “systematically” [favoured] male professionals at the expense of female professionals” and “at nearly all levels of their management, [Goldman Sachs] paid Although female professionals are equally positioned, do the same or substantially similar work, and produce similar or, in some cases, superior results, male professionals of similar standing less than

They said that part of the reason women were “excluded from promotion opportunities” was that the bank’s vetting process allowed managers, mostly men, to nominate those who contributed to the evaluation of staff, and that “the system He added that it led to a tap on the shoulder.

Goldman declined to comment, but attorneys for the plaintiffs did not immediately respond to a request for comment.

The settlement, first reported by Bloomberg, would end a long-running lawsuit against Goldman Sachs. diversify financial industry workforce.

Last year, former Goldman employee Jamie Fiore Higgins published a memoir of his 17 years at the bank. Alleged She suffered bullying, discrimination and manipulation.

Goldman Sachs chief executive David Solomon has spoken publicly about attempts to diversify the bank’s workforce, announcing a set of hiring targets for 2019. Two years of elite partner status for the group 29% of employees are selected A record high for women.

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Goldman Sachs has filed a long-running case of sexism perpetrated by female employees who claimed they were consistently underpaid and undervalued by their male colleagues, according to people familiar with the matter. agreed to pay approximately $215 million to settle the lawsuit.Both sides agreed to a settlement and waived a trial scheduled for next month in federal court in New York. will be allocated toFormer Claimants Christina Cheng Oster and Shana Orrich, Former Goldman Employees sued Goldman in 2010. In 2018, it won the right to lead a class action lawsuit regarding sex discrimination.Plaintiffs sued Goldman Company-wide policies and practices to improve pay and promotion prospects for male employees.Plaintiffs allege that the bank “systematically” [favoured] male professionals at the expense of female professionals” and “at nearly all levels of their management, [Goldman Sachs] paid Although female professionals are equally positioned, do the same or substantially similar work, and produce similar or, in some cases, superior results, male professionals of similar standing less thanThey said that part of the reason women were “excluded from promotion opportunities” was that the bank’s vetting process allowed managers, mostly men, to nominate those who contributed to the evaluation of staff, and that “the system He added that it led to a tap on the shoulder.Goldman declined to comment, but attorneys for the plaintiffs did not immediately respond to a request for comment.The settlement, first reported by Bloomberg, would end a long-running lawsuit against Goldman Sachs. diversify financial industry workforce.Last year, former Goldman employee Jamie Fiore Higgins published a memoir of his 17 years at the bank. Alleged She suffered bullying, discrimination and manipulation.Goldman Sachs chief executive David Solomon has spoken publicly about attempts to diversify the bank’s workforce, announcing a set of hiring targets for 2019. Two years of elite partner status for the group 29% of employees are selected A record high for women.
https://www.ft.com/content/57d61e54-295c-40db-a9a6-100b5bfcb6ff Goldman Sachs pays $215 million to settle sex discrimination lawsuit

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