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 additional analysis on performance evaluation processes, as well as its process for promotion, for three years, according to the statement.
The upcoming trial, scheduled for next month in New York, would have provided a rare public forum for testimony about inequality inside the financial industry, where all but one of the six biggest US banks has only ever been run by men.
The two sides had been finalizing a deal, racing to settle before trial, Bloomberg News reported last week.