Lieff Cabraser Heimann & Bernstein, LLP

Female Employees Sue Goldman Sachs for Sex Discrimination

National Class Action Lawsuit in Federal Court Charges Violations of Federal and Local Civil Rights Laws

New York, New York (September 15, 2010) – Goldman Sachs has engaged in systemic and pervasive discrimination against its female professional employees, a lawsuit filed today in federal court in New York alleges.

The lawsuit, Chen-Oster v. Goldman Sachs, Inc., Case No. 10-6950 (S.D.N.Y.), filed by three highly-credentialed women represented by Outten & Golden LLP and Lieff Cabraser Heimann & Bernstein, LLP, accuses Goldman Sachs, a leading global investment banking, securities and investment management firm, of engaging in a pattern and practice of gender discrimination against its female Associates, Vice Presidents, and Managing Directors. The women allege violations of federal and city laws, including Title VII of the Civil Rights Act of 1964 and the New York City Human Rights Law. The case is pending before United States District Court Judge Leonard Sand.

According to the complaint, the "violations of [Goldman Sachs'] female employees' rights are systemic, are based upon company-wide policies and practices, and are the result of unchecked gender bias that pervades Goldman Sachs' corporate culture. They have not been isolated or exceptional incidents, but rather the regular and predictable result of Goldman Sachs' company-wide policies and practices."

"The gender-equality issues raised by this lawsuit are all too familiar – Goldman Sachs systematically undervalues the efforts and achievements of its female employees. This is an important step in our efforts to eradicate discrimination within the financial-services industry," said plaintiffs' attorney Adam T. Klein of Outten & Golden LLP of New York, New York.

"This case challenges Goldman Sachs' practice of treating its talented female professionals like disposable, second class citizens," said plaintiffs' attorney Kelly M. Dermody of Lieff Cabraser Heimann & Bernstein, LLP of San Francisco, California. "By coming forward, the plaintiffs are working to ensure a level playing field across Wall Street."

The complaint charges that, among other things, Goldman Sachs compensates its female professionals less than similar male professionals, disproportionately promotes men over equally or more qualified women, and offers better business opportunities and professional support to its male professionals.

Attorneys Adam T. Klein, Cara E. Greene, and Jennifer Liu of Outten & Golden LLP and Kelly M. Dermody, Anne Shaver, and Heather Wong of Lieff Cabraser Heimann and Bernstein, LLP represent the plaintiffs. The case is Chen-Oster v. Goldman Sachs, Inc., Case No. 10-6950 (S.D.N.Y.).

The Goldman Sachs Group, Inc. is a global financial firm that provides investment banking management services to corporations, governments, and individuals around the world. In 2009, Goldman Sachs generated $45 billion in net revenues and $13 billion in net earnings, ranking number 40 on the Fortune 500 list of America's largest corporations.

Further Information for Class Members

People interested in the lawsuit may provide information by visiting www.goldmangendercase.com or by calling 1-800-998-3469 to leave a message for plaintiffs' counsel.

About the Named Plaintiffs

H. Christina Chen-Oster worked for Goldman Sachs' Convertible Bonds department as a Vice President for eight years in New York, New York. She holds a B.S. from M.I.T.

Lisa Parisi worked for Goldman Sachs' Asset Management division, first as a Vice President and then as a Managing Director, for seven years in New York, New York, and Atlanta, Georgia. She holds a B.A. from Adelphi University and an M.B.A. from New York University Stern School of Business.

Shanna Orlich worked for Goldman Sachs' Capital Structure Franchise Trading Group as a Summer Associate and then as an Associate for one year in New York, New York. She holds a B.S. from Arizona State University. She holds a joint J.D./M.B.A. from Columbia University.

Chen-Oster, Parisi, and Orlich each allege claims against Goldman Sachs for intentional discrimination, adverse impact discrimination, and retaliation in violation of Title VII of the Civil Rights Act and the New York City Human Rights Law. In addition, Chen-Oster alleges a claim for pregnancy discrimination in violation of Title VII.

About the Law Firms

Plaintiffs are being represented by two law firms: the plaintiffs' employment firm Outten & Golden LLP of New York, New York and Westport, Connecticut and the national class action firm Lieff Cabraser Heimann & Bernstein, LLP, of San Francisco, California, New York, New York, and Nashville, Tennessee. These firms also represented female Financial Advisors in the Amochaev v. Smith Barney gender discrimination case, which resulted in a $33 million settlement.

Outten & Golden LLP is a 30-plus attorney firm with offices in New York and Westport, CT. O&G represents plaintiffs in a wide variety of employment law matters, including national class and impact statutory discrimination cases, major class-based wage and hour violations, and contract negotiations. O&G represented plaintiff-intervenor Allison Schieffelin in a pattern or practice sex discrimination suit prosecuted with the EEOC against Morgan Stanley that resulted in a $54 million settlement and substantial injunctive relief and has handled discrimination claims against numerous other major Wall Street firms. More information on the firm can be found at www.outtengolden.com.

Lieff Cabraser Heimann & Bernstein, LLP, is a 60-plus attorney firm with offices in San Francisco, New York, and Nashville. Lieff Cabraser has represented plaintiffs in a wide variety of class action litigation, including employment discrimination and civil rights, wage and hour, and pension benefits litigation. Since 2003, The National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last eight consecutive years. More information on the firm can be found at www.lieffcabraser.com.

Press Contacts

Adam Klein (Outten & Golden): 212-245-1000
Kelly Dermody (Lieff Cabraser): 415-956-1000