Goldman Sachs will pay $215 million to settle gender discrimination lawsuit

(Reuters) – Goldman Sachs Group Inc (GS.N) has agreed to pay $215 million to settle a long-running lawsuit that alleged widespread bias against women in both pay and promotions, a joint statement from the company and plaintiffs said.

The plaintiffs, former Wall Street bank employees, accused Goldman Sachs of systematically paying women less than men and giving women poorer performance reviews that hindered their career growth.

The lawsuit was among the most high-profile targeting Wall Street’s alleged unequal treatment of women in litigation against several banks that stretches back decades.

The settlement includes about 2,800 female associates and vice presidents who work in the investment banking, investment management and securities divisions of Goldman Sachs, according to the statement.

“After more than a decade of vigorous litigation, the parties have agreed to resolve this issue. We will continue to focus on our people, our customers, and our business,” said Jacqueline Arthur, global head of human capital management at Goldman Sachs.

The statement added that as part of the settlement, Goldman Sachs will hire independent experts to conduct additional analysis to assess performance and gender pay gaps.

Kelly Dermody, the plaintiffs’ co-attorney, said they believe the settlement provided “a significant and assured recovery for all class members and the promotion of gender equality at Goldman.”

Additional reporting by Urvi Duggar in Bengaluru; Editing by Sonali Paul

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