NEW YORK - Goldman Sachs has engaged in systemic and pervasive discrimination against its female professional employees, according to a lawsuit filed Sept. 15 in the U.S. District Court for the Southern District of New York (H. Cristina Chen-Oster, et al. v. Goldman Sachs, Inc., et al., No. 10-civ-6950, S.D. N.Y.).
The lawsuit accuses Goldman Sachs, a leading global investment banking, securities and investment management firm, of engaging in a pattern and practice of gender discrimination against its female associates, vice presidents, and managing directors. The women allege violations of federal and city laws, including Title VII of the Civil Rights Act of 1964 and the New York City Human Rights Law. The case is pending before U.S. District Court Judge Leonard Sand.
According to the complaint, the "violations of [Goldman Sachs'] female employees' rights are systemic, are based upon company-wide policies and practices, and are the result of unchecked gender bias that pervades Goldman Sachs' corporate culture. They have not been isolated or exceptional incidents, but rather the regular and predictable result of Goldman Sachs' company-wide policies and practices."
The complaint charges that, among other things, Goldman Sachs compensates its female professionals less than similar male professionals, disproportionately promotes men over equally or more qualified women, and offers better business opportunities and professional support to its male professionals.
The Goldman Sachs Group, Inc. is a global financial firm that provides investment banking management services to corporations, governments, and individuals around the world. In 2009, Goldman Sachs generated $45 billion in net revenues and $13 billion in net earnings, ranking number 40 on the Fortune 500 list of America's largest corporations.
Adam T. Klein, Cara E. Greene and Jennifer Liu of Outten & Golden LLP in New York and Kelly M. Dermody, Anne Shaver and Heather Wong of Lieff Cabraser Heimann and Bernstein LLP in San Francisco represent the plaintiffs.
Download the complaint.