Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. judge certifies Goldman Sachs gender bias class action

Stock MarketsMar 30, 2018 09:45PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The logo of Goldman Sachs is displayed in their office located in Sydney, Australia

By Jonathan Stempel

NEW YORK (Reuters) - A federal judge ruled that women accusing Goldman Sachs Group Inc (NYSE:GS) of discriminating against them in pay, promotions and performance reviews may pursue their claims as a group in a class-action lawsuit.

The decision late Friday afternoon by U.S. District Judge Analisa Torres in Manhattan covers female associates and vice presidents who have worked in Goldman's investment banking, investment management and securities divisions since September 2004, and employees in New York City since July 2002.

Goldman was accused of systematically paying women less than men, and giving them weaker performance reviews that impeded their career growth.

Class certification can help plaintiffs achieve greater awards at lower costs than if they sued individually. Kelly Dermody, a lawyer for the plaintiffs, estimated that more than 2,000 people are in the certified class.

Goldman had no immediate comment.

The lawsuit is one of the highest-profile cases targeting Wall Street's alleged unequal treatment of women, a claim raised in a variety of litigation against many banks for decades.

In her 49-page decision, Torres said the plaintiffs provided "significant proof of discriminatory disparate treatment" at Goldman.

She cited as an example an expert's report that female vice presidents and associates were on average paid a respective 21 percent and 8 percent less than their male counterparts.

The judge also said the plaintiffs provided proof that Goldman was "aware of gender disparities and gender bias," but did not adjust its policies.

"We obviously are very, very pleased," Dermody said in a phone interview. "This case is eight years old, and sometimes it's worth the wait."

The plaintiffs were led by Cristina Chen-Oster, Mary De Luis and Allison Gamba, who were all vice presidents, and Shanna Orlich, who was an associate.

Torres said the class action will not include the claim that Goldman maintained a "boys' club atmosphere" where women were allegedly subjected to unwanted stereotyping, harassment and retaliation.

She said this was because "individual" rather than "common" issues would predominate.

The lawsuit began in September 2010, and according to Torres was delayed largely by a dispute over the kind of relief that former employees could obtain.

The case is Chen-Oster et al v. Goldman Sachs & Co et al, U.S. District Court, Southern District of New York, No. 10-06950.

U.S. judge certifies Goldman Sachs gender bias class action
 

Related Articles

Britain's Tesco opens checkout-free store in London
Britain's Tesco opens checkout-free store in London By Reuters - Oct 19, 2021

LONDON (Reuters) - Britain's biggest retailer Tesco (OTC:TSCDY) will on Tuesday open its first checkout-free store in central London, allowing customers to shop and pay without...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email