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.

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Allan and Adele


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