The gender-bias case cost Goldman Sachs millions

Employees who say they were treated unfairly will supposedly get paid.

The US investment bank Goldman Sachs has settled a long-running class-action lawsuit that claimed widespread discrimination against female workers, Reuters reported on Tuesday, citing a joint statement from the company and the plaintiffs.

According to Reuters, the bank will pay $215 million in compensation to 2,800 of its current and former female associates and vice presidents. These women accused the bank over a decade ago of paying them less than their male peers, making it hard for women to advance in their careers.

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No information has been given about how much each plaintiff will be paid, but if the money is split equally, each person will get just under $77,000.

As part of the settlement, Goldman Sachs will also hire outside experts to look into how success is judged and why there are differences in pay between men and women, the statement said.

The lawsuit was first filed in 2010 and said that Goldman Sachs violated the rights of its female workers through “company-wide policies and practises” and “unchecked gender bias that permeates the company’s culture.” The trial was set to start in New York City in June.

Reuters said the claim was one of the most well-known cases against Wall Street for allegedly treating women unfairly. The lawsuits against many banks go back decades.


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