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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
Hockerill Careers
1 Oct 14 10:56:31
RT @GSCareers: Wonder what it's like to work in #tech & #engineering at $GS? Hear from our employees at our 10/14 #GoogleHangout: http://t.…
Stockaholics
1 Oct 14 10:52:22
New, SECRET penny stock alert coming today! Check it out: http://t.co/A2y8IBJKSf $GS $ZION $ISRA
Jamie Pastore
1 Oct 14 10:51:01
RT @RudyHavenstein: Why doesn't the Fed just make the Eurozone a bank holding company? $GS $MS
Stock Moo
1 Oct 14 10:49:26
$gs: Goldman fund takes stake in Caxton http://t.co/xEQgx1Bgj2
Michael Shaw
1 Oct 14 10:45:37
RT @GoldmanSachs: $GS' Andi Phillips sharing lessons from our 3 #PayForSuccess investments, challenges & opps ahead w @ImpactInvestUS http:…
SocialImpactFinance
1 Oct 14 10:45:17
RT @GoldmanSachs: $GS' Andi Phillips sharing lessons from our 3 #PayForSuccess investments, challenges & opps ahead w @ImpactInvestUS http:…
#BringBackOurGirls
1 Oct 14 10:44:48
RT @GS10KWomen: $GS' Dina Powell @GayleKing @NOIweala @TinaBrownLM & more share their best advice for women #entrepreneurs: http://t.co/FKo…
abe-invest, St. Abe
1 Oct 14 10:44:01
RT @GoldmanSachs: $GS' Andi Phillips sharing lessons from our 3 #PayForSuccess investments, challenges & opps ahead w @ImpactInvestUS http:…
Goldman Sachs
1 Oct 14 10:42:40
$GS' Andi Phillips sharing lessons from our 3 #PayForSuccess investments, challenges & opps ahead w @ImpactInvestUS http://t.co/3WrR8KBAmX
Eternity101
1 Oct 14 10:38:22
$GS ..what are the odds this one gets pinned on FRY.day ..let's say -- 187 area ?? just cause ? the 185's are in the teens
Club retreats
1 Oct 14 10:37:15
@cvpayne $AAP $ARIT $CMCM $CYS $QIHU $SINA $SYNA $FFIV $FLML $GS $GTAT $RAD $SPLK $DATA $HBI $ILMN $IDTI $MELI $SUMO $$SSYS $TASR Unbalanced
Sam E. Antar
1 Oct 14 10:28:26
RT @muddywatersre: Very interesting secret recordings made @ NY Fed show incredible regulator deference toward $GS http://t.co/zw61DfPaZm
Blarescape5
1 Oct 14 10:25:30
RT @TheStreet: We always knew regulators were spineless, but now we have proof: http://t.co/t7zatsbJCn $GS
Phil Wahba
1 Oct 14 10:18:42
Exclusive: Goldman leads investment by Wall Street in new communications platform http://t.co/7gYIv7uYjK nice one by @LaurenLacapra $GS
David Mattson
1 Oct 14 10:15:15
RT @TheStreet: We always knew regulators were spineless, but now we have proof: http://t.co/t7zatsbJCn $GS
BUZZ Just-In
1 Oct 14 10:10:13
Tickers trending on TWTR in last 1 hour $GSAT $CSCO $Coca-Cola $GS $PBR http://t.co/ZlidWZzf78
TheStreet
1 Oct 14 10:01:59
We always knew regulators were spineless, but now we have proof: http://t.co/t7zatsbJCn $GS
NASDAQ
1 Oct 14 10:01:07
$GS - Caxton Sells 9.9% Stake to Goldman Sachs Fund -FT http://t.co/MOIHyJ26yB
GoldmanSachs Careers
1 Oct 14 10:00:37
Get an inside look into life at $GS by signing up for one of our recruiter-hosted webinars. Register: http://t.co/yhtyow74VP
Media Sentiment
1 Oct 14 09:50:06
$GS received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 257
4-traders.com
1 Oct 14 09:50:02
Goldman Sachs : Caxton Sells 9.9% Stake to Goldman Sachs Fund -FT http://t.co/o4XbRqD9aK $GS
GoldmanSachs Careers
1 Oct 14 09:47:29
Wonder what it's like to work in #tech & #engineering at $GS? Hear from our employees at our 10/14 #GoogleHangout: http://t.co/ZrylLQTSxy
James FontanellaKhan
1 Oct 14 09:44:19
RT @AaronLucchetti: Goldman-Led Group of Financial Firms Buys Perzo to Form IM Company http://t.co/Ax3uKjaLEb @WSJMarkets @JustinBaer $GS
Aaron Lucchetti
1 Oct 14 09:43:29
Goldman-Led Group of Financial Firms Buys Perzo to Form IM Company http://t.co/Ax3uKjaLEb @WSJMarkets @JustinBaer $GS
Jennifer Ablan
1 Oct 14 09:42:55
RT @LaurenLaCapra: How Babel became Symphony | Unstructured Finance http://t.co/3oEeOxwIBL $GS
Lauren Tara LaCapra
1 Oct 14 09:26:30
How Babel became Symphony | Unstructured Finance http://t.co/3oEeOxwIBL $GS
Mike Valletutti, CTA
1 Oct 14 09:10:48
Added a little more to $GS $FB
Becky Hiu
1 Oct 14 09:06:43
$GS LOD
Investors Hangout
1 Oct 14 09:06:21
clayton: $GS 183.57 http://t.co/zRouzYodaE
Investors Hangout
1 Oct 14 09:06:16
clayton: $GS 183.57 http://t.co/MoosEpo52h
iHangout
1 Oct 14 08:58:11
http://t.co/Vv1sYDyeQn clayton: Estrella's Sizzling Hot Stock Plays: $GS 183.57 http://t.co/CEXGQUgfkW
clayton
1 Oct 14 08:56:01
$GS 183.57 http://t.co/TbMYUL5KKl
Leni
1 Oct 14 08:49:43
For crying out loud look at $GS falling apart No position..geez
Stock Moo
1 Oct 14 08:49:24
$gs: Goldman Sachs lowers CBOT soy, corn, wheat price forecasts http://t.co/c6Zgb0GPIe
Investors Hangout
1 Oct 14 08:46:27
jim50: $GS Open Date=Sept-30-2014 Open=184.41 http://t.co/aOEKMVfT9R
The Fly
1 Oct 14 08:46:26
$USB $MS $BAC $C $WFC $GS $JPM $FNMA $FMCC $AZSEY David Tepper says economy good, stock market not at high mul... http://t.co/26Q9XoqNUz
Investors Hangout
1 Oct 14 08:46:14
jim50: $GS Open Date=Sept-30-2014 Open=184.41 http://t.co/K4jy5JjdaO
androsForm
1 Oct 14 08:45:52
$GS #bto OCT1 14 $182.5 Cs @ .62
jobu doll
1 Oct 14 08:45:25
@firstadopter Bigger than $GS?? haha
Options Network
1 Oct 14 08:37:12
$GS weak... http://t.co/xgI1FR3i5I
OPTIONS/STOCK EXPERT
1 Oct 14 08:33:26
$gs failing at resistance, $c below a trend resistnace,
Dividend Master
1 Oct 14 08:32:08
Obama to Yellen ; ' its easy bitch , ask $GS to bid $75bln long UST vs offer 250mm shares of $SPY .... then we go play golf & party "
King YG
1 Oct 14 08:29:36
All My YGs and $Gs fucked up bout meh
GreatRestructuring
1 Oct 14 08:26:30
RT @SeekingAlpha: The Goldman Tapes And Why The Delusion Of Macro-Prudential Regulation Means The Next Crash ... http://t.co/DmxJ92sT3E $GS
Seeking Alpha
1 Oct 14 08:24:04
The Goldman Tapes And Why The Delusion Of Macro-Prudential Regulation Means The Next Crash ... http://t.co/DmxJ92sT3E $GS
WWP
1 Oct 14 08:20:15
RT @IHPosts2: DennyT: MU Bussinessweek $MU $TRV $TVIX $GS $VIICQ http://t.co/L00QTqHd8y
jim50
1 Oct 14 08:18:48
$GS Open Date=Sept-30-2014 Open=184.41 High=184.99 Low=182.68 Close=183.57 Volume=2037600 http://t.co/fkUwv0BNj8
Consestimate
1 Oct 14 08:15:38
Goldman Sachs lowers CBOT soy, corn, wheat price forecasts. $GS. http://t.co/WVqBPPz3SQ
Cornholio
1 Oct 14 08:07:10
@thenotablecalls $GS must be stuck in a long position & trying to flip it out...lol
Investors Hangout
1 Oct 14 08:05:10
DennyT: MU Bussinessweek $MU $TRV $TVIX $GS $VIICQ http://t.co/L00QTqHd8y
				
				
  +Follow October 16, 2013 10:14AM
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