Tr?id=566623520170033&ev=PageView&noscript=1

Goldman Sachs Pays $215 Million To Settle Class-Action Suit on Underpaying Women

Posted on May 11th, 2023 at 1:21 PM
Goldman Sachs Pays $215 Million To Settle Class-Action Suit on Underpaying Women

From the desk of Jim Eccleston at Eccleston Law 

Goldman Sachs has agreed to pay $215 million to settle a class-action lawsuit that accused the company of systemically underpaying female employees.

The class, which was comprised of nearly 2,800 women, accused Goldman Sachs of discrimination related to pay and promotions. Nearly a third of the settlement proceeds are expected to be set aside to cover attorney fees. The two sides sought to finalize a settlement before trial, which was scheduled to occur next month in New York. While the trial likely would have revolved around pay and promotion statistics, the case was also primed to evaluate the underpinnings of Goldman’s workplace culture via testimony from company executives.

The Goldman lawsuit was initially filed by Cristina Chen-Oster, a Massachusetts-based advisor who joined the firm in 1997 and sold convertible bonds. Chen-Oster filed a discrimination complaint with the U.S. Equal Employment Opportunity Commission (EEOC) in July 2005 before formally suing in 2010.

 

Eccleston Law LLC represents financial advisors and investors nationwide in securities, employment, transition, regulatory and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I am so blessed to have you and your dynamic team defending me. Your ethics, forward thinking and strategies are amazing.  You guys are the best group of attorneys in the country that I could hire to handle this complicated case.

Cindy C.

LATEST NEWS AND ARTICLES

1778997041 1772158975 1744208044 521862 Chicago Skyline Reimagined
May 15, 2026
FINRA Suspends Former Merrill Broker for Misrepresentations in Proof of Funds Letters

FINRA has disciplined a former Merrill Lynch representative after determining that he issued inaccurate and misleading statements about a client’s financial ability to complete a home purchase.

1778685786 Law
May 13, 2026
FINRA Fines J.P. Morgan Securities $3.25 Million Over Supervisory Failures in High-Risk Strategy

The Financial Industry Regulatory Authority (FINRA) has sanctioned J.P.

1778601835 Law
May 12, 2026
UBS Shifts SMA Oversight In-House, Discloses Potential Conflicts

UBS Wealth Management USA has begun restructuring how it manages separately managed accounts ("SMAs"), moving key oversight functions in-house and aligning its model more closely with competitors, according to reporting by AdvisorHub.