Goldman Sachs to pay $215mln to settle gender discrimination lawsuit

Goldman Sachs Group Inc announced on Tuesday that it will pay $215 million to settle a lawsuit against it alleging gender discriminating practices. In a joint statement with the plaintiffs, Jacqueline Arthur stated that “both parties have agreed to resolve this matter.”

The lawsuit has been running for more than a decade, tackling Wall Street’s alleged long-running bias against women.

The financial group is accused of giving women weaker performance reviews which hindered their career growth. Besides, Goldman is accused of not committing to equal pay policy.

The settlement also includes hiring independent experts to peer review performance evaluation and gender pay gaps. Kelly Dermody, co-counsel for the plaintiffs said she believes offered settlement “advances gender equity at Goldman.”

“We hold ourselves accountable to our gender diversity commitments via our global aspirational goals,” Richard Gnodde, Goldman Sachs International CEO asserted in a Memorandum published last April.