News reported on Monday, citing a source familiar with the matter, that Goldman Sachs Group Inc has agreed to pay $215 million to resolve a long-running class-action lawsuit accusing the investment bank of pervasive bias against women in both pay and promotions.
Reuters reported last week that settlement negotiations were ongoing approximately one month before the trial was scheduled to commence.
Plaintiffs alleged that the bank routinely paid women less than men and gave women poorer performance evaluations, thereby impeding their career advancement.
Goldman, which has disputed malfeasance in the past, declined to comment.
The plaintiffs claimed the bank routinely underpaid women and gave them poor performance assessments that stunted their careers.
Shanna Orlich was an associate while Cristina Chen-Oster, Mary De Luis, and Allison Gamba were vice presidents at Goldman.
Plaintiffs’ counsel from Lieff Cabraser Heimann & Bernstein LLP did not immediately respond to a request for comment, and Goldman’s counsel from Sullivan & Cromwell LLP was also unavailable for comment.
The lawsuit is one of the most prominent cases targeting Wall Street’s alleged unequal treatment of women, including decades-long litigation against numerous banks.