- Goldman Sachs Group Inc GS has agreed to pay $215 million to settle the lawsuit related to widespread biases against women regarding pay and promotion.
- The long-running class-action case alleged that the bank systematically pays women less than men and provides bad performance reviews that hamper women employees' career growth, as per Reuters.
- As per the settlement, for three years, the wall street giant will hire independent experts to further analyze performance evaluation and promotion processes from Vice-President to Managing Director.
- Also, the experts will conduct additional pay equity studies, and Goldman Sachs will investigate and address any gender pay gaps. The settlement will also promote select communications to Vice-Presidents about career development and promotion criteria.
- This high-profile case settlement covers 2,800 female associates and vice presidents in the Investment Banking, Investment Management, or Securities Divisions.
- In September 2010, plaintiffs filed the initial complaint for gender discrimination against the bank. In March 2018, Judge Analisa Torres of the United States District Court for the Southern District of New York certified the case as a class action, with trial set to begin on June 7, 2023.
- The court will now set a hearing date for preliminary settlement approval, with the third-party administrator issuing notice to the class members upon approval.
- The co-counsel for the plaintiffs, Kelly Dermody, said they believed the settlement offers "substantial, certain recoveries for all class members and advances gender equity at Goldman."
- This news comes after last week's investigation announcement by U.S. government agencies for examining Goldman Sachs' participation in Silicon Valley Bank's collapse.
- Also, Goldman Sachs reported mixed Q1 performance last month, with investment banking fees plummeting 26% Y/Y.
- Also related: These Analysts Revise Price Targets On Goldman Sachs Following Mixed Q1 Results
- Price Action: Goldman Sachs shares closed lower by 0.16% at $326.51 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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