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Goldman Sachs To Shell Out $215M To Settle Gender Bias Suit

Goldman Sachs is paying millions to quash a class action lawsuit that alleges the Wall Street investment banking giant is bias against women when it comes to pay and promotions. So reports Reuters.

Goldman SachsThe $215 million settlement earlier this month is on behalf of about 2,887 current and former women vice presidents and associates who were employed by the firm’s investment banking, investment management and securities units. As part of the settlement, Goldman denied wrongdoing.

The average payout for each plaintiff could amount to $47,000 after accounting for legal fees.

The suit against Goldman dates back to 2010, when Cristina Chen-Oster and Shanna Orlich, former executives at the bank, allege their employer denied them equal pay and promotions due to gender. “This settlement will help the women I had in mind when I filed the case," Orlich said in a statement.

The settlement also entails that Goldman pay for independent experts to review its gender pay gaps and performance evaluation processes.

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