Goldman Sachs Settles Class Action for 280 Billion KRW Over 'Gender Promotion Discrimination' Against Women

Investment bank Goldman Sachs, accused of systematically discriminating against female employees in terms of pay and promotions, has agreed to pay a large sum to the affected women and settle the class-action lawsuit.

According to major foreign media including The Wall Street Journal (WSJ) on the 9th (local time), Goldman Sachs agreed to pay $215 million (approximately 285.2 billion KRW) to resolve the class-action lawsuit filed by current and former female employees.

Goldman Sachs Photo by EPA Yonhap News

The settlement will be paid to 2,800 female employees at the middle management level and below who worked at Goldman Sachs' investment banking and asset management divisions since the early 2000s.

The class-action lawsuit began in 2010. Former executives Christina Chen-Oster and Shana Orlich filed the lawsuit claiming that Goldman Sachs did not provide them with the same pay and promotion opportunities as men simply because they were women.

They argued that they were not treated equally to male employees in evaluations and business opportunities.

Goldman Sachs stated that before the formal trial begins in June at the U.S. District Court for the Southern District of New York, it will hire external independent experts to investigate employee performance evaluations and gender pay gaps as part of the settlement.

Additionally, the company pledged to have more than 40% of middle management positions filled by women by 2025.

Orlich, who filed the lawsuit, said in a statement, "I believe this settlement can help women."

This content was produced with the assistance of AI translation services.