It all started quietly, but boldly. In September 2010, three women who once worked at Goldman Sachs—a name that echoes power across Wall Street—stood up and said “This isn’t fair.” They believed the company had treated women unfairly for years. And they didn’t just walk away, they filed a class-action lawsuit.
This case, called Chen-Oster v. Goldman Sachs, would become one of the longest and most impactful gender bias cases in the finance industry. Over time, it came to represent nearly 3,000 women and ended with a jaw-dropping $215 million settlement. But that didn’t happen overnight. It took thirteen long years of waiting, fighting, and pushing for change.
What Were They Fighting For?
The three women—Cristina Chen-Oster, Lisa Parisi and Shanna Orlich—had worked in high-level roles like investment banking and securities. From the outside, they seemed to have made it. But inside, things weren’t equal. They voiced they were paid less than their male coworkers. Promotions often went to men too. Performance reviews were lower for women, even when they worked just as hard—sometimes harder.
They talked about a culture that felt like an exclusive “boys’ club.” Important meetings, golf outings, networking events—men were there. Women were often left out.
A report during the lawsuit revealed something stunning: female vice presidents at Goldman were earning about 20% less than men in the same roles. According to court documents the company’s performance rating systems—tools like “360 reviews” and “quartiling”—looked fair at first glance. But in practice, they quietly favored men.
For years the case moved slowly. But in March 2018, U.S. District Judge Analisa Torres made a game-changing decision: she allowed the lawsuit to move forward as a class action. That meant it could now represent thousands of women who had worked at the company between 2002 and 2023 as associates or vice presidents.
There was both statistical and real-life evidence showing a pattern of discrimination. Suddenly, this wasn’t just about three women—it was about thousands.
The Settlement That Shocked Wall Street
Just before the case was about to go to trial in May 2023, something big happened: Goldman Sachs agreed to settle. The New York Times reported that the bank would pay $215 million to around 2,800 women. These women had worked in the company’s core business units and were part of the certified class.
Here’s the twist. Goldman Sachs didn’t admit to doing anything wrong but they did agree to change.
According to CBS News, Jacqueline Arthur, global head of human capital management at Goldman Sachs, said:
“After more than a decade of vigorous litigation, both parties have agreed to resolve this matter… committed to ensuring a diverse and inclusive workplace for all our people.”
She also added:
“Goldman Sachs is proud of its long record of promoting and advancing women.”
As part of the settlement, independent experts will now review the company’s systems—how they pay, promote, and evaluate employees. These reviews will continue for at least three years. If there are unfair practices, they’ll have to fix them.
What the Women Said
The women who started the fight didn’t just want money. They wanted change.
Allison Gamba one of the original plaintiffs, told reporters:
“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.”
And Shanna Orlich, another key plaintiff said:
“I have been proud to support this case without hesitation over the last nearly 13 years and believe this settlement will help the women I had in mind when I filed the case.”
Their words made something clear: this wasn’t just a legal battle—it was personal.
What This Means for Wall Street
This settlement is one of the biggest ever in the finance industry when it comes to gender bias. But it’s not just about money. It’s about accountability.
For years, Wall Street has been called out for having too few women in leadership—and for paying them less. According to Goldman Sachs only 29% of its partners and managing directors are women. The company now says it wants to increase that number. One of their new goals is to have 40% of vice presidents be women by 2025.
Will they reach that goal? That remains to be seen. But what’s clear is that this lawsuit shook the system.
So, What Happens Next?
Over the next few years, Goldman Sachs will have to open its doors to outside experts. These specialists will look closely at how the company makes decisions about pay, reviews and promotions. If something’s not fair—they’ll say it. And Goldman Sachs will need to respond.
This case showed something powerful: even a company as big as Goldman Sachs can be challenged—and changed. For many women working in finance, that message alone feels like a victory.
And maybe just maybe, it’ll help rewrite what success on Wall Street looks like—for everyone.
