Goldman Sachs pays up to settle gender pay gap lawsuit for $215 million after it was accused of systemically underpaying women

May 9, 2023

Goldman Sachs Group Inc. has agreed to pay $215 million to put an end to a long-running class-action lawsuit that accused the Wall Street giant of systemically underpaying women.

The New York-based bank struck the deal with lawyers representing about 2,800 female associates and vice-presidents, according to a joint statement from the bank and the plaintiffs’ lawyers. Bloomberg News earlier reported on the settlement, of which about a third is expected to be set aside for attorney fees.

Goldman Sachs will engage an independent expert to conduct an additional analysis on performance evaluation processes, as well as its process for promotion, for three years, according to the statement.