Goldman Sachs settles gender bias lawsuit for $215 million

Goldman Sachs agreed to pay $215 million to settle a long-standing class-action lawsuit that alleges the finance giant systematically underpays and undervalues women.

The settlement, announced Monday, covers roughly 2,800 female associates and vice presidents employed in various divisions at Goldman, where men continue to outnumber women and predominate in senior roles. As part of the settlement, the firm will hire an "independent expert" to analyze its promotion and performance evaluation processes for the next three years, the company said in a statement. The agreement also requires Goldman to investigate and address gender pay gaps in its ranks and have an independent expert conduct additional pay equity studies.

"After more than a decade of vigorous litigation, both parties have agreed to resolve this matter," Jacqueline Arthur, Goldman Sachs global head of human capital management, said in a statement. "We will continue to focus on our people, our clients and our business."