In September 2010, three former employees of Goldman Sachs filed a lawsuit against the bank and referred to the gender-based discrimination of female employees through salaries, performance reviews and promotions. Eight years later, it was granted class action status and a trial date was set for June 7, 2023 – nearly 13 years after the original lawsuit was filed.
The plaintiffs’ years-long struggle is now over.
On Monday, a joint statement from the plaintiffs and the bank announced that Goldman Sachs settled the lawsuit for $215 million. In addition to the settlement, Goldman Sachs has agreed to change some of its promotion practices and hire independent experts to conduct pay equity studies and analysis of how the bank conducts performance reviews.
“As one of the original plaintiffs, I have been proud to support this case without hesitation for the past nearly thirteen years, and I believe this settlement will help the women I had in mind when I filed the case,” said Shanna Orlich in a statement.
Since the original filing, the lawsuit has grown to approximately 2,800 eligible group members, and the settlement payout is shared by a third-party administrator using an objective formula.
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Qualifying class members are any woman who held a position in a revenue-generating role in the Bank’s investment banking, investment management, or securities departments at any time between July 7, 2002 and March 28, 2023 or elsewhere in the United States 10 September 2004 to March 28, 2023.
“Goldman Sachs is proud of its long history of empowering and empowering women and remains committed to ensuring a diverse and inclusive workplace for all of our employees,” said Jacqueline Arthur, global head of human capital management at Goldman Sachs, in an explanation. “After more than a decade of intense litigation, both parties have agreed to resolve this matter.”
A hearing date for the preliminary settlement approval has yet to be announced.
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