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

I am grateful to have found an outstanding law firm that specializes in securities matters. My lawyers were extremely knowledgeable, diligent, and are skilled litigators. No stone was left upturned. As a result of their experience and tenacity, the arbitration proceeding was dismissed in my favor.

Michael E.

LATEST NEWS AND ARTICLES

November 25, 2025
Financial Advisor Accepts FINRA Bar Amidst Investigation into Alleged Misappropriation

A financial advisor affiliated with a credit union connected to Raymond James Financial agreed to an industry bar after declining to cooperate with FINRA’s investigation into allegations that he misappropriated client funds.

November 24, 2025
Kyle Busch Alleges Considerable Losses in Indexed Universal Life (IUL) Scheme

Kyle Busch, a two-time NASCAR Cup Series champion, and his wife Samantha announced that they lost more than $8.6 million in what they describe as a “devastating financial scheme” involving an Indexed Universal Life (IUL) insurance policy.

November 21, 2025
FINRA Fines Independent Financial Group for Allowing Suspended Broker to Place Trades

The Financial Industry Regulatory Authority (FINRA) issued a censure and $100,000 fine against Independent Financial Group (IFG) after finding that the IFG allowed a suspended and statutorily disqualified broker to continue placing trades.