Goldman Sachs (NYSE:GS) Group Inc has reached a settlement in a long-standing class-action lawsuit accusing the investment firm of gender discrimination, with the company agreeing to pay out a total of US$215mln (£171mln).
Brought by former employees of the Wall Street bank, the lawsuit alleged that Goldman Sachs (NYSE:GS) engaged in biased practices regarding pay and promotions, as well as giving women weaker performance reviews.
It was among the most high-profile cases Wall Street cases in the past decade to target gender discrimination, covering nearly 3,000 female employees including associates and vice presidents across various divisions in the bank.
In addition to the financial compensation, the settlement requires Goldman Sachs (NYSE:GS) to hire independent experts who will conduct further analysis on performance evaluations and gender pay gaps within the company.
Jacqueline Arthur, the global head of human capital management at Goldman Sachs, stated: “After more than a decade of vigorous litigation, both parties have agreed to resolve this matter. We will continue to focus on our people, our clients, and our business."
Co-counsel for the plaintiffs, Kelly Dermody, said on behalf of the class action that the settlement provided "substantial, certain recoveries for all class members and advances gender equity at Goldman”.