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Goldman Sued by Women Claiming Gender Bias

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golden sachs bias gender lawsuitNEW YORK (Reuters) - Goldman Sachs Group Inc was hit with a gender bias lawsuit by three women who said Wall Street's most profitable bank maintains an "outdated corporate culture" that systematically deprives women of pay and promotions available to men.

The plaintiffs are seeking class-action status on behalf of women who have worked as Goldman managing directors, vice presidents and associates in the last six years. It seeks punitive and other damages, and an end to gender bias at Goldman.

The lawsuit, filed Wednesday in Manhattan federal court, contends that Goldman managers have unfettered discretion to assign accounts and responsibilities, and decide who gets administrative support and training.

This has resulted in "unchecked gender bias," the lawsuit said, that causes women to be underrepresented in management, at just 14 percent of partners, 17 percent of managing directors and 29 percent of vice presidents.

The policies "are part and parcel of an outdated corporate culture," the complaint said. "Goldman Sachs has intentionally implemented these company-wide policies and practices in order to pay their male employees more money than their female counterparts, and to promote them more frequently."

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By Grant McCool and Jonathan Stempel

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US investment in the Netherlands from 2000 to 2010 was nine times more than US investment in China during the same period. US investment in the UK was more than seven times more, and in Ireland nearly three times more, than in China. (Source: Transatlantic Economy 2011

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