Goldman Sachs to pay $215 million in gender bias lawsuit

Goldman Sachs has agreed to pay $215 million to settle a long-running class action lawsuit that accused the financial giant of committing gender bias.

Goldman Sachs has agreed to pay $215 million to settle a long-running class action lawsuit that accused the financial giant of committing gender bias.

The settlement will cover approximately 2,800 female Associates and Vice-Presidents. They include those who held positions at the company's Investment Banking, Investment Management, or Securities Divisions in New York at any time from July 7, 2002, to March 28, 2023, as well as those who worked elsewhere in the United States between September 10, 2004, through March 28, 2023.

The agreement settles the lawsuit first filed against Goldman Sachs in September 2010, alleging that the company committed class-wide gender discrimination in pay, performance evaluation, and promotion.

In the agreement, Goldman Sachs also agreed to engage with independent experts to conduct:

• Additional analysis on performance evaluation processes, as well as the process for promotion from vice president to managing director
• Additional pay equity studies, with Goldman Sachs to investigate and where appropriate address any gender pay gaps

The financial giant also agreed to enhance select communications to vice presidents regarding career development and promotion criteria.

"Goldman Sachs is proud of its long record of promoting and advancing women and remains committed to ensuring a diverse and inclusive workplace for all our people," Arthur said. "We will continue to focus on our people, our clients, and our business."