Goldman Sachs has engaged in systemic and pervasive discrimination against its female professional employees, a lawsuit filed today in federal court in New York alleges.
The lawsuit, Chen-Oster v. Goldman Sachs, Inc., Case No. 10-6950 (S.D.N.Y.), filed by three highly-credentialed women represented by Outten & Golden LLP and Lieff, Cabraser, Heimann & Bernstein, LLP, 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 United States 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 gender-equality issues raised by this lawsuit are all too familiar – Goldman Sachs systematically undervalues the efforts and achievements of its female employees. This is an important step in our efforts to eradicate discrimination within the financial-services industry," said plaintiffs' attorney Adam T. Klein of Outten & Golden LLP of New York, New York.
"This case challenges Goldman Sachs' practice of treating its talented female professionals like disposable, second class citizens," said plaintiffs' attorney Kelly M. Dermody of Lieff Cabraser Heimann & Bernstein, LLP of San Francisco, California. "By coming forward, the plaintiffs are working to ensure a level playing field across Wall Street."
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.
Attorneys Adam T. Klein, Cara E. Greene, and Jennifer Liu of Outten & Golden LLP and Kelly M. Dermody, Anne Shaver, and Heather Wong of Lieff Cabraser Heimann and Bernstein, LLP represent the plaintiffs. The case is Chen-Oster v. Goldman Sachs, Inc., Case No. 10-6950 (S.D.N.Y.).
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.
People interested in the lawsuit may provide information by visiting www.goldmangendercase.com or by calling 1-800-998-3469 to leave a message for plaintiffs' counsel. Members of the media can also obtain a copy of the complaint and this press release by contacting Brendan De Coteau at 415-956-1000.
Press Contacts
Adam Klein (Outten & Golden): 212-245-1000
Kelly Dermody (Lieff Cabraser): 415-956-1000
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