Goldman Sachs will 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, initially filed in September 2010, was set to go to trial next month. The plaintiffs in the case are women who worked for Goldman as an associate or vice president in the U.S. in the 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.
“My goal in this case has always been to support strong women on Wall Street. I am proud that the result we achieved here will advance gender equity,” plaintiff Allison Gamba said in a prepared statement.
Aside from the payment, the settlement includes a three-year period during which Goldman will work with an independent expert to perform more analysis on its performance evaluation processes, as well as its process for promoting individuals from vice president to managing director. It also requires an independent expert to conduct additional pay equity studies and for the New York City company to investigate and address any gender pay gaps where appropriate.
“Goldman Sachs is proud of its long record of promoting and advancing women and remains committed to ensuring a diverse and inclusive workplace for all our people. After more than a decade of vigorous litigation, both parties have agreed to resolve this matter," said Jacqueline Arthur, Goldman Sachs global head of human capital management. "We will continue to focus on our people, our clients, and our business.”
If you wince at the grocery store checkout, you’re not alone. Wall Street Journal reporter Jesse Newman breaks down why prices are so high – and not going down anytime soon.
An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month. (Getty Images)
Glen Smith, CIO at GDS Wealth Management, shares how investors can allocate their assets as the market broadens and why he’s eyeing June for the first potential rate cut.
After years of price increases for cars and trucks in the United States, costs are slowing and in some cases falling, helping cool overall inflation and giving frustrated Americans more hope of finding an affordable vehicle.
Missed out on the Nvidia wave? Oh course you did — you’re reading this article aren’t you, instead of luxuriating on a white-sand beaches of Bali. But here are at least four other promising semiconductor stocks to add to your portfolio.
Fresh off a successful funding round, co-founder of Lapse Dan Silvertown shares thoughts on regulation, privacy, and why the money for great startups is still out there.
