Goldman to pay $215 million to settle gender bias suit from 2010

May 9, 2023

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Goldman Sachs Group Inc. and plaintiffs in a class action lawsuit over allegations of gender bias said Tuesday they reached a $215 million settlement in the legal action involving 2,800 female associates and vice presidents.

The suit, Chen-Oster v. Goldman Sachs & Co. LLC, was filed in 2010.

“As one of the original plaintiffs, I have been proud to support this case without hesitation over the last nearly 13 years and believe this settlement will help the women I had in mind when I filed the case,” said Shanna Orlich. 

“My goal in this case has always been to support strong women on Wall Street,” said Plaintiff Allison Gamba.  “I am proud that the result we achieved here will advance gender equity.”

Goldman Sachs agreed to hire an independent expert to analyze its performance evaluation and promotion processes to managing director from vice president “to ensure they generate accurate, reliable, and non-biased outcomes,” the statement from the two parties said.