The lawsuit was filed by female employees of Goldman Sachs, accusing it of discriminating against them in promotions and wages. Now, before starting the court deliberations, the bank decided to settle the case with a huge sum of money.
The US bank “Goleman Sachs” will pay $ 215 million as a settlement in a class-action lawsuit that has been going on for years, accusing the bank of discriminating against women with regard to pay, performance evaluation and promotions.
The lawsuit, which was filed in September 2010, was due to begin its deliberations in court next month.
The case was brought by women who worked at Goldman Sachs, in various positions and departments such as investment banking, investment management or securities departments. The settlement includes about 2,800 female employees from these departments.
“My goal in this case has always been to support the strong women of Wall Street,” one of the plaintiffs, Allison Gamba, said in a statement. “I am proud that the result we have achieved here will advance gender equality.”
In addition to the monetary compensation, the settlement includes a three-year period during which Goldman Sachs will work with an independent expert to conduct further analysis of performance appraisals and promotions. Also, according to the settlement agreement, an independent expert should be employed to conduct additional pay equality studies at the New York City-based bank, and to investigate and, if necessary, close gender pay gaps.
Commenting on the settlement on the bank’s side, Jacqueline Arthur, Global Director of Human Resources Management at the bank, said: “Goldman Sachs is proud of its long track record of empowering and advancing women, and remains committed to ensuring a diverse and inclusive workplace for all of our employees.”