Court Grants Final Approval to Historic $215 Million Settlement in 13-Year Old Gender Discrimination Case Against Goldman Sachs

Outten & Golden LLP
November 16, 2023

On Tuesday, November 7, 2023, U.S. District Judge Analisa Torres granted final approval of a historic $215 million settlement, negotiated by Outten & Golden and co-counsel Leiff Cabraiser, which addresses alleged discriminatory pay, promotion, and performance evaluation practices that affected more than 2,800 female associates and vice presidents of the bank. The $215 million settlement in Chen-Oster v. Goldman Sachs & Co. LLC, reached on the eve of trial this summer, is one of the largest employment discrimination settlements in U.S. history. Specifically, it is the single largest gender bias settlement that has occurred in advance of trial, and the third-largest gender bias settlement of any kind on record.

Outten & Golden Managing Partner Adam T. Klein said the settlement sends a powerful message to Wall Street, and to all large employers. “This achievement is the direct result of courageous plaintiffs who were willing to go the distance in their pursuit of justice,” commented Klein. “Their tenacity was on display at every moment of this 13-year journey, and the resulting settlement reflects that, as it undoubtedly ranks among the most important milestones in workplace gender equity in recent history.”

“In addition to the monetary relief, the programmatic relief will help to ensure that future generations of women at Goldman Sachs have a fair and equitable playing field,” said Outten & Golden partner Cara Greene, “This type of settlement can have far-reaching effects and drive change across the financial services industry.”