Goldman Sachs, a New York City investment bank, recently settled a class-action lawsuit over gender pay discrimination for $215 million. It's one of the largest discrimination settlements in U.S. history, according to the plaintiff's attorneys. A trial had been scheduled for June.
The settlement, announced on May 8, still needs to be approved by a judge. It covers approximately 2,800 female associates and vice presidents in the company's investment banking, investment management and securities divisions.
The plaintiffs claimed the company discriminated against women in pay, performance evaluations and promotions in violation of Title VII of the Civil Rights Act of 1964 and the New York City Human Rights Law.
They said the company:
"The violations of its female employees' rights are systemic, are based upon companywide policies and practices, and are the result of unchecked gender bias that pervades Goldman Sachs' corporate culture," the lawsuit said. "Managers, whether based on conscious or unexamined bias, most often assign the most lucrative and promising opportunities, assignments and seats to men." Given wide discretion, managers also disproportionately...
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