U.S. Court hears arguments on sex discrimination at Goldman Sachs
Goldman Sachs Group on Wednesday attacked expert evidence offered by attorneys for former female employees in a U.S. federal sex discrimination lawsuit, arguing there was no pattern of gender-based pay and promotion disparities at the bank.
In the first day of arguments in a case launched in 2010, a lawyer for two former Goldman employees said the Wall Street giant displayed a “consistent” pattern of sexual bias, while the bank’s attorney said such accusations were “baseless.”
Cristina Chen-Oster, a former vice president at the firm, and Shanna Orlich, a former associate, together have accused Goldman of fostering a “boys’ club” atmosphere where work-related events were held at strip clubs.
The women are seeking class certification and monetary damages for claims that Goldman consistently under-paid women executives and gave them lower performance-review marks.
Goldman Sachs’ attorney Robert Giuffra took issue with Farber’s findings and called the accusations “baseless” and “unfair.” He told Magistrate Judge James Francis the numbers presented by the plaintiffs “reflect a really flawed, overly simplistic model.”
“They are throwing mud at Goldman Sachs and it’s wrong,” Giuffra said. If the judge grants class certification in this case it would be “unprecedented” and lead to thousands of separate trials to determine damages because each job description and pay grade is so individualized, he said.
The case is Chen-Oster v. Goldman Sachs & Co. in the U.S. District Court, Southern District of New York, No. 10-cv-06950.
Source: Reuters-U.S. Court hears arguments on sex discrimination at Goldman Sachs
