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Goldman Sachs (GS) Deals with Ongoing Discrimination Lawsuit as Earnings Report Draws Near

  +Follow October 16, 2013 10:14AM
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On Oct. 16 U.S. Magistrate Judge James Francis ordered investment bank Goldman Sachs Group (GS) to turn over complaints logged by the company concerning sexual discrimination. This comes a day before the firm is set to release their third quarter earnings report before the opening bell.

Harassment Lawsuit

Goldman is currently facing a group lawsuit from former employees who allege the bank engages in systematic sexual discrimination against women, often passing them up for pay raises and promotions.

Goldman, unsurprisingly, denies the charges, and argued that they did not need to turn over internal complaints. In their intial refusal to turn over their records, the bank's lawyers called the requests a “fishing expedition.” Francis clearly disagreed.

The incident at the heart of the lawsuit dates back to 1997 and involves a former vice president of the company, who alleges she was groped by a male colleague. After lodging a complaint against the colleague, the former vice president says she was targeted for harassment and passed up for promotions and pay raises.

The male colleague, on the other hand, made partner and has his salary quadrupled.

Earnings Preview

While dealing with the sexual discrimination lawsuit, Goldman is preparing to release their third quarter earnings report before the bell on Thursday. As a component of the Dow, Goldman’s earnings will be closely watched as being a bellwether of the financial sector going into the fall.

The last of the Big Four banks to report, Bank of America (BAC) , will issue their earnings call on Oct 16.

 

(image courtesy of WIkimedia Commons)

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for gs
DR JAMES CABOT
18 Sep 14 02:37:38
RT @GoldmanSachs: Will #StockConnect boost Chinese investor demand for HK shares? $GS MD Christina Ma talks to @BloombergNews: http://t.co/…
SocialImpactFinance
18 Sep 14 02:31:44
RT @GoldmanSachs: Will #StockConnect boost Chinese investor demand for HK shares? $GS MD Christina Ma talks to @BloombergNews: http://t.co/…
Goldman Sachs
18 Sep 14 02:29:50
Will #StockConnect boost Chinese investor demand for HK shares? $GS MD Christina Ma talks to @BloombergNews: http://t.co/gMBAqI3iwf
Alex Vieira
18 Sep 14 01:20:45
Goldman Sachs Stock Outlook https://t.co/WWGAiApouc $GS
stockmarketlive.tv
18 Sep 14 01:20:16
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Dow Stocks
18 Sep 14 00:17:56
#Dow #stocks $GS Goldman Sachs Daily:0.42% Weekly:2.75% YTD:4.98% Trend:100 / 100 http://t.co/m75xjhRdrr
Stock Rocket
17 Sep 14 23:57:33
$NETE Gained 551.93% In The Past 6 Weeks! Major News: http://t.co/PU7GW934W5 $GS $ZION $ISRA
chartguy89
17 Sep 14 23:01:58
GS 184.82 Stock Charts $GS Goldman Sachs Group Inc. (NYSE) Last Updated: 09/18/2014 01:02:04 GS Stock Chart - http://t.co/81F9tkvJNB
Probes Reporter™
17 Sep 14 20:56:00
Amazing: Goldman Sachs #FOIA data shows $GS listed in 50 SEC matters Jan-14, 10-K filed Feb-14 silent on SEC probes. http://t.co/kEHHg1ChDn
FlowerPower
17 Sep 14 20:23:36
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17 Sep 14 20:20:20
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4-traders.com
17 Sep 14 20:10:12
Goldman Sachs : Arun Banerjee Joins EXIGER as Managing Director and Chief Revenue Officer http://t.co/56BAlpGCBs $GS
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17 Sep 14 19:54:26
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17 Sep 14 18:51:42
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BrazilFoundation
17 Sep 14 18:51:13
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17 Sep 14 17:52:49
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17 Sep 14 17:40:13
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Harris Market Trends
17 Sep 14 17:07:21
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OTPicks.com
17 Sep 14 16:36:12
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MJ
17 Sep 14 16:25:14
RT @GoldmanSachs: Panel of $GS senior leaders discuss advancing Hispanic leadership & building successful careers as part of #HHM http://t.…
Impact Investing
17 Sep 14 16:23:29
RT @GS10KWomen: $GS' Noa Meyer in #NYC this morning MT @BrazilFound: #10KWomen helps close the capital gap for women entrepreneurs http://t…
SocialImpactFinance
17 Sep 14 16:17:55
RT @GoldmanSachs: Panel of $GS senior leaders discuss advancing Hispanic leadership & building successful careers as part of #HHM http://t.…
Billonarios
17 Sep 14 16:16:51
RT @GoldmanSachs: Panel of $GS senior leaders discuss advancing Hispanic leadership & building successful careers as part of #HHM http://t.…
GoldmanSachs Careers
17 Sep 14 16:15:04
Panel of $GS senior leaders discuss advancing Hispanic leadership & building successful careers as part of #HHM http://t.co/7oI2rdJGKJ
Goldman Sachs
17 Sep 14 16:15:03
Panel of $GS senior leaders discuss advancing Hispanic leadership & building successful careers as part of #HHM http://t.co/eIMln4tROj
12Stocks.com
17 Sep 14 16:01:49
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12Stocks.com
17 Sep 14 16:01:16
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Anthony Scaramucci
17 Sep 14 15:58:38
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R.G
17 Sep 14 15:57:06
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Chasing Stars
17 Sep 14 15:51:59
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GS 10,000 Women
17 Sep 14 15:45:20
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Einsteins AAPL
17 Sep 14 15:10:11
“@marketmodel: $GS $BAC $TBT top 3 holdings. I'm having a good month.” How do you do it?
Rosner Stocks
17 Sep 14 15:02:30
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Baba O'Muppet
17 Sep 14 14:50:36
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4-traders.com
17 Sep 14 14:40:04
Goldman Sachs : Liberty Global to Present at the Goldman Sachs 23rd Annual Communacopia Conference http://t.co/xMAD857Ro3 $GS
4-traders.com
17 Sep 14 14:40:02
Goldman Sachs : CORRECTING and REPLACING Starz to Present at Goldman Sachs Twenty-Third Annual Communacopia... http://t.co/oOQJyJprBt $GS
Carolyn B Miciano
17 Sep 14 14:37:14
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Ben Silverberg
17 Sep 14 14:34:13
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Scott Smith
17 Sep 14 14:08:45
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Mike Valletutti, CTA
17 Sep 14 14:05:33
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Yellen's Yodel ™
17 Sep 14 13:50:07
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Melinda Crump
17 Sep 14 13:49:00
RT @StockTwits: Goldman Sachs, Charles Schwab and Morgan Stanley have each hit new 52-week highs today http://t.co/o1iBhbfk44 $GS $MS $IAI
Justin Pulitzer
17 Sep 14 13:40:49
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Henry B Cabrera
17 Sep 14 13:33:20
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Nick
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David Noonan
17 Sep 14 13:09:42
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Stock Rocket
17 Sep 14 13:04:04
$NETE Gained 551.93% In The Past 6 Weeks! Major News: http://t.co/PU7GW934W5 $GS $ZION $ISRA
Matt McCall
17 Sep 14 13:02:24
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  +Follow October 16, 2013 10:14AM
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