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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)

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Results for gs
IH News Desk
5 Jul 15 01:06:09
$ALNY Filings Updated Sunday, July 5, 2015 03:11:18 AM $KO $AUQ $GS $EA http://t.co/d942rKB1TC
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$GILD Filings Updated Sunday, July 5, 2015 02:59:31 AM $WMIH $GS $ABT $IPG http://t.co/ASxdwOS2nt
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RT @StockCats: @jacquilrr $GS is it's own animal since it's the most heavily weighted DOW stock
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$GS Reviews Updated Sunday, July 5, 2015 02:11:11 AM $PERY $LQD $USO $ANF http://t.co/mq94OVO8Uj
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patty waldon
4 Jul 15 19:00:50
RT @GoldmanSachs: CEO Lloyd Blankfein & all of us at $GS wish everyone #HappyPride festivities this weekend #LoveWins http://t.co/IDXnMQ6HBa
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MA Mastercard Day High http://t.co/qClkUwanSI $MA $GS $NEU $TBF #MA #finance #pennystocks
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RT @stock_forums: GS Goldman Sachs Group, Inc. Current Price http://t.co/2cJ93Tr6dH $GS $ITB $MA $GDXJ #GS #stockmarket #pennystocks
Stock Forums
4 Jul 15 18:38:05
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lookn4wins
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4 Jul 15 18:37:38
GS Goldman Sachs Group, Inc. Company Info http://t.co/9FpOH24mUb $GS $SBUX $FIT $VGTL #GS #stocks #finance
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4 Jul 15 18:37:04
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4 Jul 15 18:37:03
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4 Jul 15 18:36:35
$XLV Stock Price Updated Saturday, July 4, 2015 8:59:24 PM $EWJ $HTZ $GS $EWP http://t.co/J3ExA2IAfD
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4 Jul 15 18:35:05
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lookn4wins
4 Jul 15 18:33:12
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nasdaqfan
4 Jul 15 18:33:08
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leahanne
4 Jul 15 18:32:05
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Clara Allford
4 Jul 15 18:08:57
RT @GoldmanSachs: #TBT: $GS employees gather at the firm's first #summer outing in 1938. Wishing everyone a happy #July4th weekend! http://…
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SupperTimeInc
4 Jul 15 17:22:37
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4 Jul 15 17:19:44
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PolgarStocks
4 Jul 15 17:14:07
$S Opinions Updated Saturday, July 4, 2015 8:07:13 PM $BMSN $ALNY $GS $UTX http://t.co/3SbUledRUp
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  +Follow October 16, 2013 10:14AM
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