Goldman Sachs has said it will pay $215 million to settle a long-running lawsuit against the investment bank, accused by current and former employees of gender bias and sexual harassment.
Charges in the suit included 75 cases of misconduct in the workplace -- such as touching, inappropriate comments and requests for sex -- as well as wage discrimination or denial of promotion to women employees on the basis of gender.
The settlement covers about 2,800 women employed in specified banking, management and securities divisions from the early 2000s until March this year, according to a joint statement released by the bank and the plaintiffs' lawyers on Monday.
"As one of the original plaintiffs, I have been proud to support this case without hesitation over the last nearly thirteen years and believe this settlement will help the women I had in mind when I filed the case," plaintiff Shanna Orlich said in the statement.
A class action lawsuit, launched in 2010, was scheduled to begin on June 5 in New York.
"After more than a decade of vigorous litigation, both parties have agreed to resolve this matter," said Jacqueline Arthur, the company's global head of human capital management.
As part of the settlement, an independent expert will analyze performance evaluations and pay equity at Goldman Sachs for three years.
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