Goldman Sachs to Pay $215 Million for Settling Gender Pay Discrimination Lawsuit

In a new agreement to settle a class action lawsuit on underpaying women, global investment banking, securities, and investment management company, Goldman Sachs will pay $215 million, as reported by Bloomberg.

The corporation has agreed to pay the $215 million in an agreement with lawyers representing 2,500 women who have claimed that the company discriminated against them in salary and in giving promotions, according to a source familiar with the complaint, the media site reported.

Next month was the trial's scheduled date. According to Bloomberg, it would have provided a platform for testimonials about unfair pay in the finance and banking industries. The source for the media outlet added that roughly one-third of the settlement will go to the lawyers’ fees.

According to Bloomberg, Cristina Chen-Oster first complained to the U.S. Equal Employment Opportunity Commission about gender discrimination at Goldman Sachs in 2005. Years passed till the commission finally decided to look after the matter. In 2010, the commission dismissed the complaint, but Chen-Oster was permitted to file a complaint against Goldman Sachs.

2018 saw the federal court's decision allowing Chen-Oster and two other women to represent the firm's more than 1,400 current and former employees.