Goldman Sachs to pay $285m to settle gender discrimination lawsuit

Goldman Sachs Group Inc has agreed to pay US$215 million (S$285 million) to settle a long-running class-action lawsuit that alleged widespread bias against women in both pay and promotions, a joint statement from the company and the plaintiffs said.

The plaintiffs, former employees of the Wall Street bank, accused Goldman Sachs of systematically paying women less than men, and giving women weaker performance reviews that impeded their career growth.

The lawsuit was among the highest-profile cases targeting Wall Street's alleged unequal treatment of women in litigation against many banks that stretches back decades.

The settlement covers about 2,800 female associates and vice presidents employed in the investment banking, investment management and securities divisions of Goldman Sachs, according to the statement.

"After more than a decade of vigorous litigation, both parties have agreed to resolve this matter. We will continue to focus on our people, our clients, and our business," said Jacqueline Arthur, Goldman Sachs' global head of human capital management.

As part of the settlement, Goldman Sachs will also hire independent experts to conduct additional analysis on performance evaluation and gender pay gaps, the statement added.

Kelly Dermody, co-counsel for the plaintiffs, said they believed the settlement provided "substantial, certain recoveries for all class members and advances gender equity at Goldman."

ALSO READ: US regulator sues top crypto exchange Binance, CEO for 'willful evasion'