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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
Ted Hearn
22 Oct 14 17:38:49
Goldman Sachs job question: How many manhole covers in NYC? Better: How many exploding manhole covers in NYC? | http://t.co/rhSglXvaEw $GS
Learnstocks101
22 Oct 14 17:05:04
Free video w/setups October 23 "A Real Battle Here" $AMZN $GS $PCLN $AAPL http://t.co/8f3QoXwNM9
Stock Relay
22 Oct 14 16:12:44
$AUY Current Price Click Here: http://t.co/o7lXCEAqzh Also See: $UNG $GS $MU $SBOTF ~
Carolyn B Miciano
22 Oct 14 15:56:25
Manage risk in Options properly and profits wil come http://t.co/YoV732YcRG $GS $COST $FDX
Legal Newsance
22 Oct 14 15:45:01
Court hears arguments on sex discrimination at Goldman Sachs http://t.co/88bkZGnN5I (via @Reuters) #emplaw $GS
LobbyHobbyNDC
22 Oct 14 15:43:53
#Google may outspend $GS in political donations but $IBM has no PAC at all/never has @sarahmishkin & @GinaChon htt… http://t.co/aLT63gKAzt
Samantha Lee
22 Oct 14 15:40:03
@aaronmorekin @jimcramer many lawyers would disagree, and would investigate his ties to $GS and that charitable trust.
Stock Relay
22 Oct 14 15:28:41
$AMBA Summary Click Here: http://t.co/F6tLMTwLHI Also See: $GS $AEP $PFE $AUY ~
Langan Stocks
22 Oct 14 15:24:14
$ECOP Summary Click Here: http://t.co/Gm70RCUhvY Also See: $ACT $MLNX $GS $EPGL ~
Charlotte Porter
22 Oct 14 15:12:33
RT @ChrisDolmetsch: Goldman Sachs ‘Boys Club’ Faulted as Women Pursue Lawsuit http://t.co/qn0twwRoPY via @BloombergNews @BobVanVoris $GS
Chris Dolmetsch
22 Oct 14 15:08:19
Goldman Sachs ‘Boys Club’ Faulted as Women Pursue Lawsuit http://t.co/qn0twwRoPY via @BloombergNews @BobVanVoris $GS
Werner R. Kranenburg
22 Oct 14 14:55:33
Eight is the current number of federal class actions concerning $GTAT $GTATQ filed against its leadership and $MS $GS $CCORF
Stock Moo
22 Oct 14 14:54:42
$gs: U.S. Court hears arguments on sex discrimination at Goldman Sachs http://t.co/1fJAOGheEo
Consestimate
22 Oct 14 14:43:08
U.S. Court hears arguments on sex discrimination at Goldman Sachs. $GS, $SO, $MS. http://t.co/uD1BkRD3YA
Kusnadi Halim Salim
22 Oct 14 14:28:05
RT @SeekingAlpha: As Market Fear Heightens, Risky And Opaque Structured Notes Make A Comeback http://t.co/0vkXv4L8Jw $GS $CS $UBS
Quantpost Financial
22 Oct 14 14:27:37
$GS News: "As Market Fear Heightens, Risky And Opaque Structured Notes Make A…" http://t.co/Q2CV6mkqbm Board view: https://t.co/EBGrPPzJ2k
Seeking Alpha
22 Oct 14 14:27:37
As Market Fear Heightens, Risky And Opaque Structured Notes Make A Comeback http://t.co/0vkXv4L8Jw $GS $CS $UBS
4-traders.com
22 Oct 14 14:25:25
U.S. Court hears arguments on sex discrimination at Goldman Sachs http://t.co/Q9ScoCPeIn $C $GS $MS $PRCH $S1990 $TBHS
Bidness Etc
22 Oct 14 14:15:36
The Federal Reserve has warned all financial institutions, including a few nonbanking firms http://t.co/7TqHmJZ2aM $MS $GS $CS $JPM
Stockaholics
22 Oct 14 14:12:21
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $GS $ZION $ISRA
Carolyn B Miciano
22 Oct 14 14:10:41
Make 20 to 100% in a few hours with #daytrades http://t.co/dpbNxZbfHc $GS $COST $FDX
equities.com
22 Oct 14 13:59:09
Boeing Co. (BA) Among Biggest DJIA Losers on October 22 $gs $axp $ba http://t.co/0dluX2YK32
Stock Relay
22 Oct 14 13:57:11
$ACHN Bid Size Click Here: http://t.co/IDvXVCb7o5 Also See: $GE $HAL $GS $ZAZA ~
Greta Salve
22 Oct 14 13:56:55
RT @GoldmanSachs: This year, $GS #CommunityTeamworks teamed up w/ @Habitatwc to build homes for returning #veterans. See the impact: http:/…
Jake Catskill
22 Oct 14 13:50:58
Here's the funny thing about the IPO boom, excess stock inventory on the banks books. I wonder how much $BABA is still in $GS and $MS?
Carolyn B Miciano
22 Oct 14 13:23:16
A simple way to learn the basics of Options http://t.co/qpxNEWAu2d $GS $COST $FDX
DK1
22 Oct 14 12:58:23
$GS not covering ...keeping short did everything I asked from it today..staying the course
Patrick
22 Oct 14 12:52:48
Sure but I bet Ichan was in there buying $htz last week at $18.50 @ldpinsd @SPEQL8R $BA $Gs $ms $bac have not performed since good earnings
NASDAQ
22 Oct 14 12:52:04
$GS - Humana Exploring Sale of Urgent Care Unit Concentra -Reuters http://t.co/4dK2aKDLZD
DK1
22 Oct 14 12:45:51
$GS nice
Estimize
22 Oct 14 12:43:29
@ivy7002 The WS consensus for $GS Q4 2014 has shifted significantly downwards - http://t.co/aMcVJl47g3
MIAMI URBAN LIVING
22 Oct 14 12:42:03
RT @GoldmanSachs: This year, $GS #CommunityTeamworks teamed up w/ @Habitatwc to build homes for returning #veterans. See the impact: http:/…
4-traders.com
22 Oct 14 12:40:04
Humana : Exploring Sale of Urgent Care Unit Concentra -Reuters http://t.co/RppZXICkXV $HUM $GS
MIAMI URBAN LIVING
22 Oct 14 12:38:18
ICYMI RT "@GoldmanSachs: $GS President Gary Cohn live at the #GSAM Symposium on @SquawkCNBC w/ @andrewrsorkin... http://t.co/pg9dtKUlej
GreenEconomyBusiness
22 Oct 14 12:32:05
RT @GoldmanSachs: $GS President Gary Cohn live at the #GSAM Symposium on @SquawkCNBC w/ @andrewrsorkin; 32 hours & 4 more cities to go: htt…
Hammer D. Lane
22 Oct 14 12:21:05
$AMTD upgraded to BUY @ $GS!
Eternity101
22 Oct 14 12:04:51
$GS is hanging in there -- $VIX is coming down & so's $TRIN
efc Students
22 Oct 14 11:53:57
RT @GSCareers: ICYM our #GoogleHangout: 6 Things To Know If You Want To Get a #Tech Job at $GS via @efc_global: http://t.co/31Uiym0Sag cc @…
Beecher Tuttle
22 Oct 14 11:53:19
RT @GSCareers: ICYM our #GoogleHangout: 6 Things To Know If You Want To Get a #Tech Job at $GS via @efc_global: http://t.co/31Uiym0Sag cc @…
NASDAQ
22 Oct 14 11:46:03
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/B6jaSV8EeR
Estimize
22 Oct 14 11:37:29
@macol30 The WS consensus for $GS Q4 2014 has shifted significantly downwards - http://t.co/aMcVJl47g3
Gr8 Trades
22 Oct 14 11:36:10
$AAPL $AMZN $BIDU $FB $GILD $GMCR $GOOG $GPRO $GS $IWM $LNKD $MBLY $NFLX $PCLN $SPY $TSLA 2:36:07 PM
Leni
22 Oct 14 11:32:49
$GS getting ugly...again
Estimize
22 Oct 14 11:32:26
@TrembFredrick The WS consensus for $GS Q4 2014 has shifted significantly downwards - http://t.co/aMcVJl47g3
maximus
22 Oct 14 11:26:51
bearish candle on $gs ...not good for mkt leader
smtrader StockTrader
22 Oct 14 11:26:11
$BA is taking to the dog house today!. $GS $MMM $CAT also getting beat up a bit today
DK1
22 Oct 14 11:24:05
$GS http://t.co/KzVUwnZsSA
Stephanie
22 Oct 14 11:23:09
RT @GoldmanSachs: See how $GS is helping #entrepreneurs grow their #smallbiz. Do you know a #SBO who could benefit from @GS10KSmallBiz? htt…
Consestimate
22 Oct 14 11:22:48
Humana looks to sell urgent care subsidiary Concentra- sources. $HUM, $GS. http://t.co/7N9PZG1YaS
Investors Hangout
22 Oct 14 11:20:10
DennyT: LUV Bussinessweek $LUV $ABT $RIG $GS $BABA http://t.co/WP7nZdsOH9
				
				
  +Follow October 16, 2013 10:14AM
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