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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.

Chen-Oster v. Goldman Sachs & Co. LLC was filed in 2010 over allegations of gender bias in pay and promotions at the investment bank.

Goldman Sachs has agreed to pay $215 million to settle a long-running class-action lawsuit that claimed the bank systematically underpaid and under-promoted women — avoiding a potentially headline-grabbing trial that had been slated for next month.

The Wall Street giant struck the deal with lawyers representing 2,800 current and former female associates and vice presidents working in the investment banking, investment management or securities divisions, according to a press release late Monday.

The settlement revealed that the “plaintiffs believe their claims are meritorious, (but) they also recognize the significant legal and procedural obstacles they would face in establishing liability.”

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.

Today the parties announce that Plaintiffs have reached an agreement with Defendants Goldman Sachs & Company LLC and The Goldman Sachs Group, Inc. (collectively, “Goldman Sachs”), in which Goldman Sachs will pay $215 million to settle a gender discrimination class action lawsuit, Chen-Oster v. Goldman Sachs & Co. LLC, No. 10-cv-6950-AT-RWL, pending since 2010. The settlement covers approximately 2,800 female Associates and Vice-Presidents employed in the Investment Banking, Investment Management, or Securities Divisions, as described below.

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