Goldman Sachs is shelling out $215 million to settle a class action lawsuit that has been on the books since 2010.
The lawsuit, filed by women who served as associates and vice presidents in the company, was slated to go to trial in June.
"My goal in this case has always been to support strong women on Wall Street. I am proud that the result we achieved here will advance gender equity," said plaintiff Allison Gamba.
The lawsuit alleged that Goldman Sachs regularly discriminated against women regarding salary and promotion to higher level positions.
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The plaintiffs also accused the company of scoring women more harshly on performance reviews, making ascending to higher roles more difficult.
Approximately 2,800 women who have worked for or currently work for Goldman Sachs are covered in the lawsuit settlement.
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The settlement also compels Goldman Sachs to undergo a three-year analysis by outside consultants to ensure its hiring and promotion processes are proven equitable.
An independent third party will also examine current salaries and employment conditions for pay gaps or other areas of inequality.
"Goldman Sachs is proud of its long record of promoting and advancing women and remains committed to ensuring a diverse and inclusive workplace for all our people," said Goldman Sachs Global Head of Human Capital Management Jacqueline Arthur.
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She added, "After more than a decade of vigorous litigation, both parties have agreed to resolve this matter. We will continue to focus on our people, our clients, and our business."
While the $215 million pay out may appear a large sum, the total will be split among the approximately 2,800 women covered in the settlement.
