A Fearless Girl slapped Wall Street bank with Gender discrimination
New York, NY – State Street Corp, the corporation that backed the installation of Wall Street’s newest icon, the “Fearless Girl” statue has recently settled a gender discrimination law suit for around $5 million dollars. State Street, an asset management firm with roughly $2.56 trillion in assets, recently settled a lawsuit which alleged the firm discriminated against its employees at the executive level on the basis of their gender and race.
The most interesting thing about this suit is State Street’s fervent stance on gender discrimination. The Bank has been a very outspoken proponent of gender parity in recent years. Their “Fearless Girl” statue is a sign of Wall Street’s move toward a more inclusive culture. “Fearless Girl” stands about 3 feet tall, staring down the massive Wall Street Bull. Her stance is supposed to be a signal to women that Wall Street believes in the strength of women.
Despite State Street’s very public stance, the corporation is finding it a little harder to live up to the promise in their executive ranks. Investigators found that the corporation discriminated against its female executives by giving them less base pay, bonus pay and total compensation than similarly situated Males employed in the same positions. The investigation also found that female black employees were paid less than their white counterparts. The investigation traced the pay inequities as far back as 2010 and allege that the bank’s failure to conduct in depth analysis of its employment process to determine whether and where impediments to equality of opportunity to exist the bank set itself up for allegation of racial and gender discrimination. The settlement would reimburse the 300 members for the back pay and interest accrued since their hiring or promotion.
Gender discrimination is a pervasive problem in American workplaces, especially at the executive level. Title VII of the Civil Rights Act of 1964 prohibits employers from discriminating against individuals on the basis of their sex or gender. Title VII along with the Equal Pay Act, were enacted to correct some of the effects of gender discrimination that have haunted the halls of Wall Street for ages. State Street is a perfect example of the pervasive nature of gender discrimination, while many corporations have great intentions, however, the reality of gender discrimination carries heavy throughout their halls.
In order to bring a claim for gender discrimination under Title VII and employee must first bring a charge with the Equal Employment Opportunities Commission (EEOC). The EEOC is the administrative agency that is tasked with handling claims of employment discrimination. Once you bring a charge, the EEOC will investigate the claim and issue one of three letters: a finding of probable cause, which means the EEOC found enough probable cause to pick up the case and help you through litigation; a “right to sue” letter, which gives the individual the right to sue in federal court; or, a determination of no probable cause, which means the EEOC did not find enough probable cause that discrimination occurred.
Issues of gender discrimination are often confusing and very convoluted. The New York City sexual harassment attorneys at the Derek Smith Law Group, PLLC have years of experience litigating claims of employment discrimination. Working closely with our Philadelphia sexual harassment attorneys, The Derek Smith Law Group has garnered six figure settlements on behalf of our clients who suffered through gender discrimination. If you feel you are being discriminated on the basis of your gender, please give our talented attorneys a call, toll free, at 1877 4 NYLAWS, for your free consultation.
Call today to schedule a FREE sexual harassment or employment discrimination legal Consultation in NY, NJ & PA with one of our top rated employment law or sexual harassment attorneys here at the Derek Smith Law Group. You can reach us online or by calling . Our New York City, New Jersey and Philadelphia labor & employment law attorneys handle a variety of cases involving sexual harassment, racial discrimination, pregnancy discrimination, and other employment-related claims. We serve clients throughout New York, including Manhattan, Brooklyn, Queens, the Bronx, and Staten Island. We also have offices in New Jersey and Philadelphia to serve you.
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