Goldman settles gender discrimination suit for $215 million

GOLDMAN Sachs will pay $215 million to settle a years-long class action lawsuit that claimed the bank discriminated against women when it came to pay, performance evaluations and promotions.

The lawsuit, initially filed in September 2010, was set to go to trial next month.

The plaintiffs in the case are women who worked for Goldman as an associate or vice president in the US in the investment banking, investment management or securities divisions.

The settlement covers about 2,800 female associates and vice presidents in Goldman’s investment banking, investment management and securities divisions.

Aside from the payment, the settlement includes a three-year period during which Goldman will work with an independent expert to perform more analysis on its performance evaluation processes, as well as its process for promoting individuals from vice president to managing director.

It also requires an independent expert to conduct additional pay equity studies and for the New York City company to investigate and address any gender pay gaps where appropriate. (AP)