This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Goldman Hit by Discrimination Suit

Story updated with additional information from the lawsuit.

NEW YORK ( TheStreet)-- Goldman Sachs (GS - Get Report) is being sued by three former female employees who accused the firm of widespread sexual discrimination.

"The violations of [Goldman Sachs] female employees are systemic, are based upon company-wide policies and practices, and are the result of unchecked gender bias that pervades Goldman Sachs' corporate culture," the complaint says.

The lawsuit was brought on behalf of H. Cristina Chen-Oster, a former vice president in convertible bonds and former managing director of asset management Lisa Parisi. Also listed at a platiff is Shanna Orlich, a former associate in trading at Goldman.

Among the litigants allegations is that Chen-Oster, now an executive at Deutsche Bank (DB - Get Report) faced continued discrimination and was passed over for promotions despite having more experience than her male collegues.

Included in the lawsuit is the allegation that a 1997 "Goldman sponsored dinner" for a male employee was followed by outing to a New York strip club, Scores. The complaint says that "all employees in the group were encouraged to join in," and that following the dinner a male employee "surprised Chen-Oster by pinning her against a wall, kissing and groping her, and attempting to engage in a sexual act with her."

Despite reporting the unwanted advance to a male superior, the lawsuit contends the Chen-Oster "began to experience increased hostility and marginalization at the firm."

Chen-Oster, who is Chinese, was reviewed by a peer "whom her supervisor knew had sent racially offensive emails around [the office]," the complaint states. One, entitled, "Learn Chinese in 5 Minutes," included statements such as "Our meeting is scheduled for next week...Wai Yu Cum Nao" and "Great...Fu Kin Su Pah," according to the complaint.

A call to Chen-Oster was referred to a Deutsche Bank spokesman, who declined to comment.

The complaint states that Parisi, who "has played gold since childhood and also played varsity gold for her high school team," was not asked to attend a couple of golf outings to which more junior male colleagues were invited. Once, she was told she was not invited because she was "too junior, but she later learned that several male colleagues straight out of college attended the outing," according to the complaint.

A spokesman for Goldman defends the firm's record. "We believe this suit is without merit. People are critical to our business, and we make extraordinary efforts to recruit, develop and retain outstanding women professionals," says Goldman spokesman Lucas van Praag.

Readers Also Like:

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
DB $17.20 0.00%
GS $160.07 0.00%
AAPL $94.19 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs