Goldman Sachs accused of “Boy’s Club” mentality

In 2010, former employees filed a lawsuit against Goldman Sachs, alleging that the company perpetuates employment discrimination against female workers. USA Today recently reported that two plaintiffs are seeking to certify the lawsuit as a class-action case, which will expand the time frame of the lawsuit. They reportedly hope to include allegations spanning back over two decades.

Case Details

Some of the case allegations include:

  • Binge drinking in the work environment;
  • Work-related events held at strip clubs;
  • Female employees earning lower wages than male counterparts:
    • Female vice presidents earning a salary that is 21% less than similarly situated male vice presidents;
    • Female associates earning a salary that is 8% less than similarly situated male associates;
  • Female employees passed over for promotions in favor of male counterparts:
    • Approximately 23% fewer female vice presidents received promotions to managing director positions than male vice presidents.

Goldman Sachs continues to deny all allegations and reportedly claims that the case lacks merit. In March, Reuters reported on the recommendation of a federal magistrate to deny the class action certification. He reportedly based his decision on a lack of commonality amongst proposed class members. A U.S. District judge will make the final decision.

If you have questions about this case or other issues of employment discrimination; or if you are paid less than your colleagues, contact us today.